Idera Pharmaceuticals (NASDAQ:IDRA) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Idera Pharmaceuticals (NASDAQ:IDRA) from a buy rating to a hold rating in a report issued on Thursday morning, Zacks.com reports.

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 subject of a number of other reports. Wedbush reiterated an outperform rating on shares of Idera Pharmaceuticals in a research note on Friday, May 3rd. ValuEngine upgraded Idera Pharmaceuticals from a sell rating to a hold rating in a research note on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Idera Pharmaceuticals presently has an average rating of Buy and an average price target of $9.38.

NASDAQ:IDRA opened at $2.13 on Thursday. The company has a market capitalization of $61.15 million, a price-to-earnings ratio of -0.93 and a beta of 2.45. Idera Pharmaceuticals has a one year low of $2.08 and a one year high of $10.95. The stock has a 50-day simple moving average of $2.53 and a 200 day simple moving average of $2.69.

Idera Pharmaceuticals (NASDAQ:IDRA) last posted its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($0.39) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.42) by $0.03. The business had revenue of $1.45 million during the quarter, compared to the consensus estimate of $0.10 million. Idera Pharmaceuticals had a negative return on equity of 76.99% and a negative net margin of 9,045.47%. As a group, analysts expect that Idera Pharmaceuticals will post -1.64 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of the business. Two Sigma Advisers LP boosted its stake in Idera Pharmaceuticals by 22.7% in the fourth quarter. Two Sigma Advisers LP now owns 29,607 shares of the biotechnology company’s stock valued at $82,000 after acquiring an additional 5,475 shares during the period. Squarepoint Ops LLC boosted its stake in Idera Pharmaceuticals by 45.5% in the fourth quarter. Squarepoint Ops LLC now owns 18,900 shares of the biotechnology company’s stock valued at $52,000 after acquiring an additional 5,910 shares during the period. Morgan Stanley boosted its stake in Idera Pharmaceuticals by 127.5% in the second quarter. Morgan Stanley now owns 11,460 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 6,422 shares during the period. Geode Capital Management LLC boosted its stake in Idera Pharmaceuticals by 3.8% in the fourth quarter. Geode Capital Management LLC now owns 230,577 shares of the biotechnology company’s stock valued at $638,000 after acquiring an additional 8,468 shares during the period. Finally, D. E. Shaw & Co. Inc. boosted its stake in Idera Pharmaceuticals by 22.7% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 53,880 shares of the biotechnology company’s stock valued at $149,000 after acquiring an additional 9,952 shares during the period. Institutional investors own 42.91% of the company’s stock.

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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