Idera Pharmaceuticals (NASDAQ:IDRA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, Zacks.com reports. The brokerage currently has a $2.75 price target on the biotechnology company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 22.77% from the stock’s current price.

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. HC Wainwright reaffirmed a “buy” rating on shares of Idera Pharmaceuticals in a research note on Thursday, November 7th. JMP Securities reaffirmed a “market outperform” rating and issued a $7.00 target price on shares of Idera Pharmaceuticals in a research note on Thursday, September 5th. Finally, ValuEngine raised shares of Idera Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Idera Pharmaceuticals currently has an average rating of “Buy” and an average price target of $7.69.

Shares of IDRA stock opened at $2.24 on Tuesday. Idera Pharmaceuticals has a 12-month low of $2.08 and a 12-month high of $8.38. The company has a market capitalization of $76.15 million, a P/E ratio of -0.98 and a beta of 2.38. The firm has a 50-day moving average price of $2.64 and a 200 day moving average price of $2.66.

Idera Pharmaceuticals (NASDAQ:IDRA) last announced its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.46) by $0.07. As a group, equities research analysts predict that Idera Pharmaceuticals will post -1.64 earnings per share for the current year.

In other Idera Pharmaceuticals news, major shareholder Invest Corp Pillar sold 100,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $2.50, for a total value of $250,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.46% of the company’s stock.

Several large investors have recently modified their holdings of IDRA. Natixis grew its position in shares of Idera Pharmaceuticals by 61.7% during the 2nd quarter. Natixis now owns 743,618 shares of the biotechnology company’s stock worth $1,985,000 after buying an additional 283,802 shares during the period. Acadian Asset Management LLC grew its position in shares of Idera Pharmaceuticals by 273.5% during the 2nd quarter. Acadian Asset Management LLC now owns 165,044 shares of the biotechnology company’s stock worth $440,000 after buying an additional 120,861 shares during the period. Jane Street Group LLC acquired a new stake in shares of Idera Pharmaceuticals during the 2nd quarter worth approximately $237,000. Paloma Partners Management Co acquired a new stake in shares of Idera Pharmaceuticals during the 2nd quarter worth approximately $228,000. Finally, D. E. Shaw & Co. Inc. grew its position in shares of Idera Pharmaceuticals by 62.3% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 158,723 shares of the biotechnology company’s stock worth $424,000 after buying an additional 60,914 shares during the period. Institutional investors own 36.12% of the company’s stock.

About Idera Pharmaceuticals

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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