Idera Pharmaceuticals Inc. (IDRA) Sees Unusually-High Trading Volume After Analyst Upgrade
Idera Pharmaceuticals Inc. (NASDAQ:IDRA) shares saw unusually-strong trading volume on Friday after S&P Equity Research raised their price target on the stock from $1.86 to $2.10. Approximately 14,989,715 shares changed hands during mid-day trading, an increase of 490% from the previous session’s volume of 2,540,844 shares.The stock last traded at $2.00 and had previously closed at $2.18.
IDRA has been the subject of a number of other research reports. Zacks Investment Research downgraded Idera Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, August 4th. Wedbush reissued an “outperform” rating and set a $6.00 price target on shares of Idera Pharmaceuticals in a research report on Monday, September 26th.
Several large investors have recently modified their holdings of the company. Alliancebernstein L.P. increased its position in shares of Idera Pharmaceuticals by 19.8% in the second quarter. Alliancebernstein L.P. now owns 66,600 shares of the company’s stock worth $102,000 after buying an additional 11,000 shares in the last quarter. Rhumbline Advisers increased its position in shares of Idera Pharmaceuticals by 1.0% in the second quarter. Rhumbline Advisers now owns 88,364 shares of the company’s stock worth $135,000 after buying an additional 860 shares in the last quarter. Creative Planning increased its position in shares of Idera Pharmaceuticals by 11.8% in the second quarter. Creative Planning now owns 121,300 shares of the company’s stock worth $186,000 after buying an additional 12,800 shares in the last quarter. California State Teachers Retirement System increased its position in shares of Idera Pharmaceuticals by 1.9% in the second quarter. California State Teachers Retirement System now owns 186,693 shares of the company’s stock worth $286,000 after buying an additional 3,478 shares in the last quarter. Finally, BlackRock Investment Management LLC increased its position in shares of Idera Pharmaceuticals by 7.3% in the second quarter. BlackRock Investment Management LLC now owns 334,389 shares of the company’s stock worth $512,000 after buying an additional 22,791 shares in the last quarter. 28.44% of the stock is owned by institutional investors.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/07/idera-pharmaceuticals-inc-idra-sees-unusually-high-trading-volume-after-analyst-upgrade.html
The company’s 50-day moving average price is $2.20 and its 200 day moving average price is $1.82. The firm’s market capitalization is $242.76 million.
Idera Pharmaceuticals (NASDAQ:IDRA) last released its earnings results on Tuesday, August 2nd. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.11). Idera Pharmaceuticals had a negative return on equity of 64.09% and a negative net margin of 6,169.32%. On average, analysts forecast that Idera Pharmaceuticals Inc. will post ($0.45) EPS for the current fiscal year.
Idera Pharmaceuticals Company Profile
Idera Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapeutics for oncology and rare diseases. The Company utilizes two drug discovery technology platforms to design and develop drug candidates, which include Toll-like receptor (TLR) targeting technology and third-generation antisense (3GA) technology.
Receive News & Ratings for Idera Pharmaceuticals Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Idera Pharmaceuticals Inc. and related companies with MarketBeat.com's FREE daily email newsletter.