Idera Pharmaceuticals (NASDAQ:IDRA) Upgraded by Zacks Investment Research to “Buy”

Idera Pharmaceuticals (NASDAQ:IDRA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday, Zacks.com reports. The brokerage presently has a $3.25 target price on the biotechnology company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.85% from the company’s previous close.

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. “

IDRA has been the topic of a number of other research reports. Wedbush set a $7.00 price target on Idera Pharmaceuticals and gave the stock an “outperform” rating in a research report on Thursday, March 7th. ValuEngine lowered Idera Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Finally, HC Wainwright dropped their price target on Idera Pharmaceuticals to $14.00 and set a “buy” rating on the stock in a research report on Friday, March 8th. Two equities research analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $16.75.

NASDAQ IDRA opened at $2.88 on Thursday. The stock has a market cap of $84.06 million, a PE ratio of -1.26 and a beta of 2.55. Idera Pharmaceuticals has a one year low of $2.25 and a one year high of $14.40.

Idera Pharmaceuticals (NASDAQ:IDRA) last released its quarterly earnings results on Thursday, May 2nd. The biotechnology company reported ($0.40) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.46) by $0.06. Idera Pharmaceuticals had a negative return on equity of 73.66% and a negative net margin of 9,045.47%. Research analysts forecast that Idera Pharmaceuticals will post -1.64 EPS for the current year.

Institutional investors have recently made changes to their positions in the stock. Jane Street Group LLC acquired a new stake in Idera Pharmaceuticals in the 4th quarter valued at approximately $39,000. SG Americas Securities LLC acquired a new stake in Idera Pharmaceuticals in the 4th quarter valued at approximately $41,000. Squarepoint Ops LLC raised its position in Idera Pharmaceuticals by 45.5% in the 4th quarter. Squarepoint Ops LLC now owns 18,900 shares of the biotechnology company’s stock valued at $52,000 after buying an additional 5,910 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in Idera Pharmaceuticals in the 4th quarter valued at approximately $61,000. Finally, State of Wisconsin Investment Board raised its position in Idera Pharmaceuticals by 30.2% in the 1st quarter. State of Wisconsin Investment Board now owns 25,874 shares of the biotechnology company’s stock valued at $66,000 after buying an additional 6,000 shares during the last quarter. 43.79% of the stock is currently owned by institutional investors and hedge funds.

Idera Pharmaceuticals Company Profile

Idera Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of drugs for oncology in the United States. It offers Tilsotolimod, a synthetic phosphorothioate oligonucleotide that acts as a direct agonist of TLR9 to stimulate the immune systems and for treating solid tumors, metastatic melanoma, squamous cell carcinoma, and colorectal cancer.

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Analyst Recommendations for Idera Pharmaceuticals (NASDAQ:IDRA)

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