Idera Pharmaceuticals (NASDAQ:IDRA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued 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. “
Other equities research analysts also recently issued research reports about the company. HC Wainwright decreased their target price on Idera Pharmaceuticals to $14.00 and set a “buy” rating for the company in a research report on Friday, March 8th. ValuEngine raised Idera Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Thursday, December 13th. Finally, Wedbush set a $7.00 target price on Idera Pharmaceuticals and gave the stock an “outperform” rating in a research report on Thursday, March 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. Idera Pharmaceuticals currently has a consensus rating of “Buy” and an average price target of $16.71.
IDRA stock opened at $2.92 on Wednesday. Idera Pharmaceuticals has a 12-month low of $2.25 and a 12-month high of $17.12. The stock has a market cap of $77.34 million, a price-to-earnings ratio of -1.28 and a beta of 2.57.
Idera Pharmaceuticals (NASDAQ:IDRA) last issued its earnings results on Wednesday, March 6th. The biotechnology company reported ($0.45) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.51) by $0.06. Idera Pharmaceuticals had a negative return on equity of 75.10% and a negative net margin of 9,045.47%. The company had revenue of $0.10 million during the quarter, compared to the consensus estimate of $0.12 million. As a group, equities research analysts forecast that Idera Pharmaceuticals will post -1.89 EPS for the current year.
In related news, CEO Vincent Milano bought 15,000 shares of the firm’s stock in a transaction dated Monday, December 24th. The stock was bought at an average price of $2.93 per share, with a total value of $43,950.00. Following the completion of the transaction, the chief executive officer now directly owns 55,816 shares of the company’s stock, valued at $163,540.88. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders bought 24,300 shares of company stock valued at $73,835 in the last ninety days. Company insiders own 20.48% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of IDRA. Northern Trust Corp boosted its holdings in Idera Pharmaceuticals by 7.8% in the second quarter. Northern Trust Corp now owns 1,775,754 shares of the biotechnology company’s stock valued at $2,344,000 after purchasing an additional 128,334 shares during the last quarter. BlackRock Inc. boosted its holdings in Idera Pharmaceuticals by 1.3% in the fourth quarter. BlackRock Inc. now owns 1,478,231 shares of the biotechnology company’s stock valued at $4,094,000 after purchasing an additional 19,046 shares during the last quarter. Millennium Management LLC boosted its holdings in Idera Pharmaceuticals by 36.1% in the fourth quarter. Millennium Management LLC now owns 602,639 shares of the biotechnology company’s stock valued at $1,669,000 after purchasing an additional 159,916 shares during the last quarter. Sphera Funds Management LTD. purchased a new position in Idera Pharmaceuticals in the third quarter valued at about $3,970,000. Finally, Assenagon Asset Management S.A. purchased a new position in Idera Pharmaceuticals in the fourth quarter valued at about $1,153,000. 45.44% of the stock is owned by institutional investors.
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.
See Also: Why do corrections happen?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Idera Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Idera Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.