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

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Idera Pharmaceuticals Inc (NASDAQ:IDRA) has earned a consensus recommendation of “Buy” from the eight brokerages that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating and six have issued a buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $21.25.

A number of research firms have issued reports on IDRA. Robert W. Baird decreased their price target on shares of Idera Pharmaceuticals from $40.00 to $32.00 and set an “outperform” rating for the company in a report on Wednesday, June 13th. JMP Securities decreased their price target on shares of Idera Pharmaceuticals from $64.00 to $32.00 and set a “positive” rating for the company in a report on Wednesday, June 13th. ValuEngine cut shares of Idera Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Tuesday, September 4th. 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. Finally, Wedbush decreased their price target on shares of Idera Pharmaceuticals from $40.00 to $24.00 and set an “outperform” rating for the company in a report on Monday, July 16th.

In related news, Director James A. Geraghty purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, August 7th. The stock was acquired at an average price of $5.58 per share, with a total value of $55,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Invest Corp Pillar sold 55,000 shares of the firm’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $6.30, for a total transaction of $346,500.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,106,736 shares of company stock valued at $5,805,439. Corporate insiders own 20.48% of the company’s stock.

Several institutional investors have recently modified their holdings of the stock. Northern Trust Corp raised its holdings in shares of Idera Pharmaceuticals by 7.8% during the second 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 last quarter. California Public Employees Retirement System raised its holdings in shares of Idera Pharmaceuticals by 20.9% during the second 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 last quarter. BlackRock Inc. raised its holdings in shares of Idera Pharmaceuticals by 11.7% during the second quarter. BlackRock Inc. now owns 10,043,638 shares of the biotechnology company’s stock worth $13,257,000 after purchasing an additional 1,048,482 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Idera Pharmaceuticals during the second quarter worth $179,000. Finally, Rhumbline Advisers raised its holdings in shares of Idera Pharmaceuticals by 20.3% during the second 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 last quarter.

NASDAQ:IDRA opened at $8.32 on Friday. Idera Pharmaceuticals has a 52 week low of $5.20 and a 52 week high of $22.96. The company has a market cap of $217.12 million, a P/E ratio of -2.48 and a beta of 2.34.

Idera Pharmaceuticals (NASDAQ:IDRA) last posted its earnings results on Thursday, August 2nd. The biotechnology company reported ($0.59) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.82) by $0.23. The company had revenue of $0.16 million during the quarter, compared to analysts’ expectations of $0.18 million. Idera Pharmaceuticals had a negative net margin of 8,686.36% and a negative return on equity of 74.17%. equities analysts forecast that Idera Pharmaceuticals will post -2.58 EPS for the current fiscal 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.

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Analyst Recommendations for Idera Pharmaceuticals (NASDAQ:IDRA)

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