Idera Pharmaceuticals Inc (IDRA) Given Consensus Recommendation of “Buy” by Analysts

Shares of Idera Pharmaceuticals Inc (NASDAQ:IDRA) have earned an average recommendation of “Buy” from the nine analysts that are presently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, six have given a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $20.71.

A number of research firms have issued reports on IDRA. Zacks Investment Research raised shares of Idera Pharmaceuticals from a “hold” rating to a “strong-buy” rating and set a $10.00 price target for the company in a report on Saturday. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price target on shares of Idera Pharmaceuticals in a report on Monday, October 22nd. Barclays began coverage on shares of Idera Pharmaceuticals in a report on Monday, September 24th. They issued an “overweight” rating and a $14.00 price target for the company. ValuEngine cut shares of Idera Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, September 4th. Finally, JPMorgan Chase & Co. began coverage on shares of Idera Pharmaceuticals in a report on Wednesday, August 15th. They issued an “overweight” rating and a $15.00 price target for the company.

NASDAQ:IDRA opened at $8.39 on Friday. Idera Pharmaceuticals has a 52 week low of $5.20 and a 52 week high of $20.40. The company has a market cap of $195.92 million, a P/E ratio of -2.50 and a beta of 2.66.

Idera Pharmaceuticals (NASDAQ:IDRA) last posted its earnings results on Tuesday, November 6th. The biotechnology company reported ($0.43) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.58) by $0.15. Idera Pharmaceuticals had a negative net margin of 8,513.18% and a negative return on equity of 65.30%. The company had revenue of $0.15 million during the quarter, compared to analysts’ expectations of $2.09 million. As a group, equities analysts forecast that Idera Pharmaceuticals will post -2.58 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. raised its holdings in shares of Idera Pharmaceuticals by 11.7% in the second quarter. BlackRock Inc. now owns 10,043,638 shares of the biotechnology company’s stock worth $13,257,000 after buying an additional 1,048,482 shares during the last quarter. Millennium Management LLC increased its stake in shares of Idera Pharmaceuticals by 25.8% in the first quarter. Millennium Management LLC now owns 4,848,557 shares of the biotechnology company’s stock worth $8,921,000 after acquiring an additional 994,232 shares during the period. Northern Trust Corp increased its stake in shares of Idera Pharmaceuticals by 7.8% in the second quarter. Northern Trust Corp now owns 1,775,754 shares of the biotechnology company’s stock worth $2,344,000 after acquiring an additional 128,334 shares during the period. Alps Advisors Inc. acquired a new stake in shares of Idera Pharmaceuticals in the second quarter worth $416,000. Finally, Candriam Luxembourg S.C.A. acquired a new stake in shares of Idera Pharmaceuticals in the third quarter worth $1,737,000.

About Idera Pharmaceuticals

Idera Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of oligonucleotide therapeutics for oncology and rare diseases in the United States. The company uses two drug discovery technology platforms to design and develop drug candidates, including toll-like receptor targeting technology and nucleic acid chemistry technology.

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Analyst Recommendations for Idera Pharmaceuticals (NASDAQ:IDRA)

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