Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) Given Consensus Recommendation of “Buy” by Analysts
Shares of Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) have earned a consensus rating of “Buy” from the seven ratings firms that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $5.28.
IDRA has been the subject of a number of recent analyst reports. Wedbush restated an “outperform” rating and set a $6.00 price objective on shares of Idera Pharmaceuticals in a research note on Tuesday, April 11th. ValuEngine lowered Idera Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Zacks Investment Research lowered Idera Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, May 5th. Finally, Robert W. Baird initiated coverage on Idera Pharmaceuticals in a research note on Monday, April 24th. They set an “outperform” rating and a $5.00 price objective for the company.
In other news, Director Invest Corp Pillar sold 450,815 shares of Idera Pharmaceuticals stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $2.26, for a total value of $1,018,841.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 30.29% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in shares of Idera Pharmaceuticals during the fourth quarter valued at approximately $450,000. State Street Corp raised its position in shares of Idera Pharmaceuticals by 11.7% in the fourth quarter. State Street Corp now owns 1,553,323 shares of the biotechnology company’s stock valued at $2,330,000 after buying an additional 162,173 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Idera Pharmaceuticals during the first quarter valued at approximately $222,000. Oxford Asset Management purchased a new position in shares of Idera Pharmaceuticals during the first quarter valued at approximately $743,000. Finally, FMR LLC raised its position in shares of Idera Pharmaceuticals by 10,453.4% in the fourth quarter. FMR LLC now owns 2,511,700 shares of the biotechnology company’s stock valued at $3,768,000 after buying an additional 2,487,900 shares during the last quarter. Institutional investors own 31.31% of the company’s stock.
Shares of Idera Pharmaceuticals (NASDAQ IDRA) traded up 9.3698% during trading on Tuesday, reaching $2.0999. The company had a trading volume of 1,471,127 shares. The firm has a 50-day moving average price of $1.75 and a 200-day moving average price of $1.86. Idera Pharmaceuticals has a 52-week low of $1.30 and a 52-week high of $3.33. The company’s market capitalization is $313.20 million.
Idera Pharmaceuticals (NASDAQ:IDRA) last issued its quarterly earnings data on Thursday, May 4th. The biotechnology company reported ($0.10) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.10). Idera Pharmaceuticals had a negative return on equity of 53.37% and a negative net margin of 249.48%. The firm had revenue of $0.38 million during the quarter, compared to analyst estimates of $0.20 million. On average, analysts predict that Idera Pharmaceuticals will post ($0.44) EPS for the current fiscal year.
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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