Idera Pharmaceuticals (IDRA) Upgraded to Buy at BidaskClub

BidaskClub upgraded shares of Idera Pharmaceuticals (NASDAQ:IDRA) from a hold rating to a buy rating in a research note published on Saturday.

IDRA has been the subject of several other reports. Zacks Investment Research upgraded Idera Pharmaceuticals from a sell rating to a hold rating in a research report on Wednesday, October 11th. 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. Finally, HC Wainwright set a $4.00 price target on Idera Pharmaceuticals and gave the stock a buy rating in a research note on Thursday, November 16th. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $4.83.

Idera Pharmaceuticals (NASDAQ IDRA) opened at $2.21 on Friday. The firm has a market capitalization of $430.66, a P/E ratio of -6.50 and a beta of 2.17. Idera Pharmaceuticals has a 52-week low of $1.30 and a 52-week high of $2.87.

Idera Pharmaceuticals (NASDAQ:IDRA) last issued its quarterly earnings data on Monday, November 6th. The biotechnology company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. The company had revenue of $0.16 million during the quarter, compared to analyst estimates of $0.20 million. Idera Pharmaceuticals had a negative return on equity of 60.80% and a negative net margin of 313.78%. analysts expect that Idera Pharmaceuticals will post -0.42 EPS for the current fiscal year.

In other news, Director Bros. Advisors Lp Baker purchased 8,000,000 shares of the firm’s stock in a transaction on Thursday, October 26th. The shares were bought at an average cost of $1.50 per share, for a total transaction of $12,000,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Invest Corp Pillar sold 2,300,000 shares of the company’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $1.96, for a total value of $4,508,000.00. The disclosure for this sale can be found here. 12.42% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. raised its stake in shares of Idera Pharmaceuticals by 93.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 322,929 shares of the biotechnology company’s stock valued at $798,000 after acquiring an additional 156,400 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Idera Pharmaceuticals by 0.3% in the second quarter. Rhumbline Advisers now owns 118,456 shares of the biotechnology company’s stock valued at $204,000 after acquiring an additional 312 shares in the last quarter. State of Wisconsin Investment Board acquired a new stake in shares of Idera Pharmaceuticals in the second quarter valued at $136,000. Bank of New York Mellon Corp raised its stake in shares of Idera Pharmaceuticals by 0.7% in the second quarter. Bank of New York Mellon Corp now owns 343,761 shares of the biotechnology company’s stock valued at $591,000 after acquiring an additional 2,368 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Idera Pharmaceuticals by 16.3% in the second quarter. Alliancebernstein L.P. now owns 89,900 shares of the biotechnology company’s stock valued at $155,000 after acquiring an additional 12,600 shares in the last quarter. Institutional investors own 24.14% of the company’s stock.

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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.

Analyst Recommendations for Idera Pharmaceuticals (NASDAQ:IDRA)

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