The Idera Pharmaceuticals Inc. (IDRA) Upgraded at Zacks Investment Research

The Idera Pharmaceuticals Inc. (IDRA) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Idera Pharmaceuticals Inc. (NASDAQ:IDRA) from a hold rating to a buy rating in a research report released on Monday morning. The brokerage currently has $1.75 price objective on the stock.

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 several other reports. Wedbush reaffirmed an outperform rating and set a $6.00 target price on shares of Idera Pharmaceuticals in a report on Monday, September 26th. S&P Equity Research raised their target price on Idera Pharmaceuticals from $1.86 to $2.10 in a report on Friday, October 7th. Finally, Cowen and Company reaffirmed an outperform rating on shares of Idera Pharmaceuticals in a report on Tuesday, November 29th.

Shares of Idera Pharmaceuticals (NASDAQ:IDRA) opened at 1.43 on Monday. The stock’s 50 day moving average price is $1.59 and its 200 day moving average price is $1.83. The stock’s market capitalization is $211.14 million. Idera Pharmaceuticals has a one year low of $1.19 and a one year high of $3.33.

Idera Pharmaceuticals (NASDAQ:IDRA) last announced its quarterly earnings data on Friday, October 28th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. Idera Pharmaceuticals had a negative return on equity of 76.66% and a negative net margin of 4,621.03%. Equities research analysts predict that Idera Pharmaceuticals will post ($0.42) EPS for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System raised its stake in Idera Pharmaceuticals by 1.9% in the second quarter. California State Teachers Retirement System now owns 186,693 shares of the company’s stock valued at $286,000 after buying an additional 3,478 shares during the period. Rhumbline Advisers raised its stake in shares of Idera Pharmaceuticals by 1.4% in the third quarter. Rhumbline Advisers now owns 89,564 shares of the company’s stock valued at $229,000 after buying an additional 1,200 shares during the last quarter. BlackRock Fund Advisors raised its stake in shares of Idera Pharmaceuticals by 5.1% in the third quarter. BlackRock Fund Advisors now owns 2,450,736 shares of the company’s stock valued at $6,274,000 after buying an additional 118,121 shares during the last quarter. BlackRock Investment Management LLC raised its stake in shares of Idera Pharmaceuticals by 8.2% in the third quarter. BlackRock Investment Management LLC now owns 361,750 shares of the company’s stock valued at $926,000 after buying an additional 27,361 shares during the last quarter. Finally, BlackRock Advisors LLC raised its stake in shares of Idera Pharmaceuticals by 16.2% in the third quarter. BlackRock Advisors LLC now owns 47,166 shares of the company’s stock valued at $121,000 after buying an additional 6,564 shares during the last quarter. 23.46% of the stock is currently owned by hedge funds and other institutional investors.

About Idera Pharmaceuticals

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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