Idera Pharmaceuticals, Inc. (IDRA) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) from a sell rating to a hold rating in a research note issued to investors on Wednesday.

According to Zacks, “Idera Pharmaceuticals, Inc. is a drug discovery and development company that is developing drug candidates to treat cancer and infectious, respiratory, and autoimmune diseases, and for use in combination with therapeutic and prophylactic vaccines. Idera’s proprietary drug candidates are designed to modulate Toll-like Receptors, the body’s first line of immune defense. Idera’s pioneering DNA chemistry expertise enables it to identify drug candidates for internal development and creates opportunities for multiple collaborative alliances. “

Several other brokerages also recently weighed in on IDRA. BidaskClub downgraded shares of Idera Pharmaceuticals from a hold rating to a sell rating in a research report on Friday, August 4th. ValuEngine upgraded shares of Idera Pharmaceuticals from a sell rating to a hold rating in a research report on Thursday, July 13th. Finally, Piper Jaffray Companies reiterated a buy rating and issued a $4.00 price objective on shares of Idera Pharmaceuticals in a research report on Tuesday, September 12th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $5.75.

Shares of Idera Pharmaceuticals (NASDAQ IDRA) opened at 2.67 on Wednesday. The stock’s market cap is $399.51 million. Idera Pharmaceuticals has a 12 month low of $1.30 and a 12 month high of $2.87. The firm has a 50-day moving average price of $2.21 and a 200-day moving average price of $1.98.

Idera Pharmaceuticals (NASDAQ:IDRA) last issued its quarterly earnings data on Monday, August 7th. The biotechnology company reported ($0.14) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.03). The firm had revenue of $0.19 million during the quarter, compared to the consensus estimate of $0.20 million. Idera Pharmaceuticals had a negative net margin of 300.63% and a negative return on equity of 61.09%. Equities analysts expect that Idera Pharmaceuticals will post ($0.48) EPS for the current fiscal year.

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A number of large investors have recently modified their holdings of IDRA. Teachers Advisors LLC lifted its position in Idera Pharmaceuticals by 10.1% in the 4th quarter. Teachers Advisors LLC now owns 154,886 shares of the biotechnology company’s stock valued at $232,000 after purchasing an additional 14,205 shares during the last quarter. Nationwide Fund Advisors raised its position in shares of Idera Pharmaceuticals by 7.3% during the 1st quarter. Nationwide Fund Advisors now owns 62,392 shares of the biotechnology company’s stock worth $154,000 after buying an additional 4,235 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Idera Pharmaceuticals by 5.8% during the 1st quarter. Wells Fargo & Company MN now owns 91,479 shares of the biotechnology company’s stock worth $226,000 after buying an additional 5,000 shares in the last quarter. American International Group Inc. raised its position in shares of Idera Pharmaceuticals by 8.2% during the 1st quarter. American International Group Inc. now owns 55,412 shares of the biotechnology company’s stock worth $137,000 after buying an additional 4,214 shares in the last quarter. Finally, FMR LLC raised its position in shares of Idera Pharmaceuticals by 25.6% during the 1st quarter. FMR LLC now owns 3,154,462 shares of the biotechnology company’s stock worth $7,792,000 after buying an additional 642,762 shares in the last quarter. Hedge funds and other institutional investors own 30.94% of the company’s stock.

Idera Pharmaceuticals Company Profile

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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