ValuEngine downgraded shares of Idera Pharmaceuticals (NASDAQ:IDRA) from a hold rating to a sell rating in a report published on Tuesday.

IDRA has been the subject of a number of other reports. JPMorgan Chase & Co. began coverage on Idera Pharmaceuticals in a research report on Wednesday, August 15th. They issued an overweight rating and a $15.00 price target for the company. Wedbush reduced their target price on Idera Pharmaceuticals from $40.00 to $24.00 and set an outperform rating on the stock in a research note on Monday, July 16th. HC Wainwright reiterated a buy rating and issued a $18.00 target price on shares of Idera Pharmaceuticals in a research note on Monday, August 6th. BidaskClub upgraded Idera Pharmaceuticals from a buy rating to a strong-buy rating in a research note on Friday, June 1st. Finally, Zacks Investment Research upgraded Idera Pharmaceuticals from a sell rating to a hold rating in a research note on Saturday, June 23rd. Two investment analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $22.79.

Shares of IDRA opened at $9.88 on Tuesday. The firm has a market capitalization of $284.24 million, a P/E ratio of -2.94 and a beta of 2.31. Idera Pharmaceuticals has a 52-week low of $5.20 and a 52-week high of $22.96.

Idera Pharmaceuticals (NASDAQ:IDRA) last issued its quarterly earnings results on Thursday, August 2nd. The biotechnology company reported ($0.59) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.23. The company had revenue of $0.16 million during the quarter, compared to the consensus estimate of $0.18 million. Idera Pharmaceuticals had a negative return on equity of 74.17% and a negative net margin of 8,686.36%. analysts anticipate that Idera Pharmaceuticals will post -2.58 EPS for the current year.

In other news, major shareholder Invest Corp Pillar sold 55,000 shares of the firm’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $6.30, for a total transaction of $346,500.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director James A. Geraghty purchased 10,000 shares of the business’s stock in a transaction dated Tuesday, August 7th. The shares were purchased at an average price of $5.58 per share, for a total transaction of $55,800.00. The disclosure for this purchase can be found here. In the last quarter, insiders sold 5,106,736 shares of company stock worth $5,805,439. Insiders own 20.48% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Rhumbline Advisers increased its stake in shares of Idera Pharmaceuticals by 20.3% during the second quarter. Rhumbline Advisers now owns 145,144 shares of the biotechnology company’s stock valued at $192,000 after buying an additional 24,461 shares during the period. California Public Employees Retirement System increased its stake in shares of Idera Pharmaceuticals by 20.9% during the second quarter. California Public Employees Retirement System now owns 194,217 shares of the biotechnology company’s stock valued at $256,000 after buying an additional 33,617 shares during the period. New York State Common Retirement Fund increased its stake in shares of Idera Pharmaceuticals by 41.3% during the first quarter. New York State Common Retirement Fund now owns 136,100 shares of the biotechnology company’s stock valued at $250,000 after buying an additional 39,800 shares during the period. Berson & Corrado Investment Advisors LLC increased its stake in shares of Idera Pharmaceuticals by 69.2% during the second quarter. Berson & Corrado Investment Advisors LLC now owns 104,850 shares of the biotechnology company’s stock valued at $138,000 after buying an additional 42,900 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of Idera Pharmaceuticals by 16.6% during the first quarter. Schwab Charles Investment Management Inc. now owns 339,890 shares of the biotechnology company’s stock valued at $626,000 after buying an additional 48,300 shares during the period.

About Idera Pharmaceuticals

Idera Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of oligonucleotide therapeutics for oncology and rare diseases in the United States. The company uses two drug discovery technology platforms to design and develop drug candidates, including toll-like receptor targeting technology and nucleic acid chemistry technology.

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Analyst Recommendations for Idera Pharmaceuticals (NASDAQ:IDRA)

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