Idera Pharmaceuticals Inc (NASDAQ:IDRA)‘s stock had its “outperform” rating reissued by analysts at Wedbush in a research note issued on Friday. They presently have a $6.00 price objective on the stock. Wedbush’s price target would indicate a potential upside of 169.06% from the company’s previous close.

Several other equities analysts also recently issued reports on IDRA. Cowen and Company reissued an “outperform” rating on shares of Idera Pharmaceuticals in a report on Tuesday, November 29th. Zacks Investment Research downgraded shares of Idera Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, December 28th.

Idera Pharmaceuticals (NASDAQ:IDRA) opened at 2.23 on Friday. The stock has a 50 day moving average of $1.72 and a 200 day moving average of $1.80. Idera Pharmaceuticals has a 12-month low of $1.19 and a 12-month high of $3.33. The company’s market capitalization is $329.27 million.

Idera Pharmaceuticals (NASDAQ:IDRA) last announced its quarterly earnings results on Wednesday, March 15th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.12. Idera Pharmaceuticals had a negative net margin of 4,621.03% and a negative return on equity of 76.66%. On average, equities research analysts predict that Idera Pharmaceuticals will post ($0.40) EPS for the current year.

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A number of institutional investors have recently made changes to their positions in IDRA. Creative Planning increased its position in shares of Idera Pharmaceuticals by 8.1% in the third quarter. Creative Planning now owns 131,100 shares of the company’s stock valued at $336,000 after buying an additional 9,800 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Idera Pharmaceuticals by 120.6% in the third quarter. Wells Fargo & Company MN now owns 46,810 shares of the company’s stock valued at $120,000 after buying an additional 25,589 shares in the last quarter. Compagnie Lombard Odier SCmA purchased a new position in shares of Idera Pharmaceuticals during the third quarter valued at about $282,000. Baker BROS. Advisors LP purchased a new position in shares of Idera Pharmaceuticals during the third quarter valued at about $17,956,000. Finally, State Street Corp increased its position in shares of Idera Pharmaceuticals by 11.7% in the fourth quarter. State Street Corp now owns 1,553,323 shares of the company’s stock valued at $2,330,000 after buying an additional 162,173 shares in the last quarter. 23.23% of the stock is 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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