Idera Pharmaceuticals (IDRA) Downgraded to “Hold” at BidaskClub
BidaskClub cut shares of Idera Pharmaceuticals (NASDAQ:IDRA) from a buy rating to a hold rating in a research note issued to investors on Thursday.
A number of other brokerages also recently weighed in on IDRA. HC Wainwright assumed coverage on Idera Pharmaceuticals in a report on Thursday, November 9th. They issued a buy rating and a $4.00 target price on the stock. Zacks Investment Research upgraded Idera Pharmaceuticals from a hold rating to a buy rating and set a $2.00 price objective on the stock in a report on Thursday, November 9th. Finally, Piper Jaffray Companies restated a buy rating and issued a $4.00 price objective on shares of Idera Pharmaceuticals in a report on Tuesday, September 12th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $4.83.
Shares of Idera Pharmaceuticals (NASDAQ:IDRA) traded down $0.01 on Thursday, hitting $1.92. The stock had a trading volume of 1,272,994 shares, compared to its average volume of 1,483,730. Idera Pharmaceuticals has a one year low of $1.30 and a one year high of $2.87.
Idera Pharmaceuticals (NASDAQ:IDRA) last issued its earnings results on Monday, November 6th. The biotechnology company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. The company had revenue of $0.16 million for the quarter, compared to the consensus estimate of $0.20 million. Idera Pharmaceuticals had a negative return on equity of 60.80% and a negative net margin of 313.78%. sell-side analysts forecast that Idera Pharmaceuticals will post -0.42 earnings per share for the current fiscal year.
In related news, Director Bros. Advisors Lp Baker purchased 8,000,000 shares of the stock in a transaction on Thursday, October 26th. The shares were bought at an average price of $1.50 per share, for a total transaction of $12,000,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 12.42% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its position in shares of Idera Pharmaceuticals by 45.4% in the third quarter. JPMorgan Chase & Co. now owns 3,359,875 shares of the biotechnology company’s stock valued at $7,526,000 after acquiring an additional 1,048,475 shares during the period. State Street Corp boosted its position in shares of Idera Pharmaceuticals by 13.0% in the second quarter. State Street Corp now owns 1,787,852 shares of the biotechnology company’s stock valued at $3,075,000 after acquiring an additional 205,217 shares during the period. Vanguard Group Inc. boosted its position in shares of Idera Pharmaceuticals by 3.5% in the second quarter. Vanguard Group Inc. now owns 5,181,108 shares of the biotechnology company’s stock valued at $8,911,000 after acquiring an additional 173,775 shares during the period. GSA Capital Partners LLP boosted its position in shares of Idera Pharmaceuticals by 846.1% in the second quarter. GSA Capital Partners LLP now owns 180,588 shares of the biotechnology company’s stock valued at $311,000 after acquiring an additional 161,500 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position 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 during the period. Institutional investors own 24.18% of the company’s stock.
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.
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