Idera Pharmaceuticals Inc (NASDAQ:IDRA) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a report released on Friday.

Several other equities analysts have also recently commented on IDRA. Robert W. Baird started coverage on shares of Idera Pharmaceuticals in a research note on Monday, April 24th. They set an “outperform” rating and a $5.00 target price on the stock. Wedbush reaffirmed an “outperform” rating and issued a $6.00 price objective on shares of Idera Pharmaceuticals in a research note on Friday, February 24th. Zacks Investment Research cut shares of Idera Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, May 5th. Finally, JMP Securities assumed coverage on shares of Idera Pharmaceuticals in a research report on Wednesday, March 22nd. They issued an “outperform” rating and a $8.00 target price on the stock. Two analysts have rated the stock with a sell rating and four have assigned a buy rating to the stock. Idera Pharmaceuticals currently has an average rating of “Hold” and an average target price of $4.57.

Shares of Idera Pharmaceuticals (NASDAQ:IDRA) traded up 2.38% during midday trading on Friday, reaching $1.72. 884,752 shares of the company were exchanged. The stock’s 50-day moving average price is $1.98 and its 200-day moving average price is $1.83. Idera Pharmaceuticals has a 52-week low of $1.30 and a 52-week high of $3.33. The company’s market capitalization is $256.53 million.

Idera Pharmaceuticals (NASDAQ:IDRA) last posted its quarterly earnings results on Thursday, May 4th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.10). Idera Pharmaceuticals had a negative net margin of 4,621.03% and a negative return on equity of 76.66%. The company had revenue of $0.38 million for the quarter, compared to the consensus estimate of $0.20 million. Analysts anticipate that Idera Pharmaceuticals will post ($0.44) EPS for the current year.

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In related news, Director Invest Corp Pillar sold 450,815 shares of the business’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $2.26, for a total transaction of $1,018,841.90. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 2,217,066 shares of company stock worth $5,063,557 in the last ninety days. 29.50% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in the stock. Tudor Investment Corp ET AL increased its stake in shares of Idera Pharmaceuticals by 48.8% in the first quarter. Tudor Investment Corp ET AL now owns 41,360 shares of the biotechnology company’s stock valued at $102,000 after buying an additional 13,572 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Idera Pharmaceuticals during the first quarter valued at about $222,000. Schwab Charles Investment Management Inc. increased its position in shares of Idera Pharmaceuticals by 93.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 322,929 shares of the biotechnology company’s stock valued at $798,000 after buying an additional 156,400 shares during the period. KCG Holdings Inc. increased its position in shares of Idera Pharmaceuticals by 70.8% in the first quarter. KCG Holdings Inc. now owns 143,471 shares of the biotechnology company’s stock valued at $354,000 after buying an additional 59,452 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Idera Pharmaceuticals by 6.0% in the first quarter. Geode Capital Management LLC now owns 919,446 shares of the biotechnology company’s stock valued at $2,271,000 after buying an additional 51,942 shares during the period. 23.23% of the stock is currently owned by hedge funds and other institutional investors.

About Idera Pharmaceuticals

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.

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