Idera Pharmaceuticals, Inc. (IDRA) Sees Significant Decline in Short Interest
Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) was the recipient of a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 10,685,548 shares, a decline of 10.8% from the August 15th total of 11,982,661 shares. Approximately 8.3% of the shares of the company are short sold. Based on an average daily trading volume, of 706,620 shares, the days-to-cover ratio is currently 15.1 days.
Shares of Idera Pharmaceuticals (IDRA) opened at 2.00 on Friday. Idera Pharmaceuticals has a 12-month low of $1.30 and a 12-month high of $3.33. The stock has a 50 day moving average of $1.86 and a 200 day moving average of $1.93. The company’s market cap is $299.26 million.
Idera Pharmaceuticals (NASDAQ:IDRA) last issued its quarterly earnings results on Monday, August 7th. The biotechnology company reported ($0.14) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.11) by ($0.03). Idera Pharmaceuticals had a negative return on equity of 61.09% and a negative net margin of 300.63%. The company had revenue of $0.19 million during the quarter, compared to the consensus estimate of $0.20 million. On average, equities analysts expect that Idera Pharmaceuticals will post ($0.49) earnings per share for the current fiscal year.
IDRA has been the topic of several analyst reports. Piper Jaffray Companies reissued a “buy” rating and issued a $4.00 price target on shares of Idera Pharmaceuticals in a report on Tuesday. ValuEngine raised shares of Idera Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Zacks Investment Research raised shares of Idera Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Thursday, July 6th. Finally, BidaskClub lowered shares of Idera Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Friday, August 4th. Three analysts have rated the stock with a sell rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $4.48.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Tudor Investment Corp ET AL increased its position 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 worth $102,000 after purchasing an additional 13,572 shares during the period. TFS Capital LLC bought a new position in shares of Idera Pharmaceuticals in the first quarter worth $109,000. State of Wisconsin Investment Board bought a new position in shares of Idera Pharmaceuticals in the second quarter worth $136,000. American International Group Inc. increased its position in shares of Idera Pharmaceuticals by 8.2% in the first quarter. American International Group Inc. now owns 55,412 shares of the biotechnology company’s stock worth $137,000 after purchasing an additional 4,214 shares during the period. Finally, Nationwide Fund Advisors increased its position in shares of Idera Pharmaceuticals by 7.3% in the first quarter. Nationwide Fund Advisors now owns 62,392 shares of the biotechnology company’s stock worth $154,000 after purchasing an additional 4,235 shares during the period. Institutional investors own 30.96% of the company’s stock.
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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