Sphera Funds Management LTD. bought a new position in Idera Pharmaceuticals Inc (NASDAQ:IDRA) during the third quarter, according to the company in its most recent filing with the SEC. The firm bought 445,558 shares of the biotechnology company’s stock, valued at approximately $3,970,000. Sphera Funds Management LTD. owned 1.64% of Idera Pharmaceuticals as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. Renaissance Technologies LLC purchased a new position in Idera Pharmaceuticals in the 3rd quarter worth $132,000. Rhumbline Advisers raised its position in Idera Pharmaceuticals by 20.3% in the 2nd quarter. Rhumbline Advisers now owns 145,144 shares of the biotechnology company’s stock worth $192,000 after purchasing an additional 24,461 shares during the period. California Public Employees Retirement System raised its position in Idera Pharmaceuticals by 20.9% in the 2nd quarter. California Public Employees Retirement System now owns 194,217 shares of the biotechnology company’s stock worth $256,000 after purchasing an additional 33,617 shares during the period. Northern Trust Corp raised its position in Idera Pharmaceuticals by 7.8% in the 2nd quarter. Northern Trust Corp now owns 1,775,754 shares of the biotechnology company’s stock worth $2,344,000 after purchasing an additional 128,334 shares during the period. Finally, GSA Capital Partners LLP purchased a new position in Idera Pharmaceuticals in the 2nd quarter worth $179,000. Institutional investors own 43.46% of the company’s stock.
IDRA has been the topic of a number of analyst reports. Barclays initiated coverage on shares of Idera Pharmaceuticals in a research report on Monday, September 24th. They issued an “overweight” rating and a $14.00 target price on the stock. JPMorgan Chase & Co. initiated coverage on shares of Idera Pharmaceuticals in a research report on Wednesday, August 15th. They issued an “overweight” rating and a $15.00 target price on the stock. Zacks Investment Research upgraded shares of Idera Pharmaceuticals from a “hold” rating to a “strong-buy” rating and set a $10.00 target price on the stock in a research report on Saturday, November 10th. HC Wainwright reiterated a “buy” rating and issued a $18.00 target price on shares of Idera Pharmaceuticals in a research report on Monday, October 22nd. Finally, ValuEngine cut shares of Idera Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday, September 4th. Two research analysts have rated the stock with a sell rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $20.71.
IDRA stock opened at $6.06 on Friday. Idera Pharmaceuticals Inc has a 12-month low of $5.20 and a 12-month high of $20.40.
Idera Pharmaceuticals (NASDAQ:IDRA) last released its quarterly earnings data on Tuesday, November 6th. The biotechnology company reported ($0.43) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.15. Idera Pharmaceuticals had a negative net margin of 8,513.18% and a negative return on equity of 69.28%. The firm had revenue of $0.15 million for the quarter, compared to analysts’ expectations of $2.09 million. As a group, research analysts forecast that Idera Pharmaceuticals Inc will post -2.34 EPS for the current year.
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.
Further Reading: How are Outstanding Shares Different from Authorized Shares?
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