Zacks Investment Research upgraded shares of Idera Pharmaceuticals (NASDAQ:IDRA) from a hold rating to a buy rating in a research report sent to investors on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $3.25 price objective on the biotechnology company’s 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. “

Several other research analysts have also recently weighed in on IDRA. Wedbush reaffirmed an outperform rating on shares of Idera Pharmaceuticals in a research note on Friday, May 3rd. ValuEngine cut Idera Pharmaceuticals from a hold rating to a sell rating in a research note on Wednesday, May 1st. Finally, HC Wainwright decreased their target price on Idera Pharmaceuticals to $14.00 and set a buy rating for the company in a research note on Friday, March 8th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $10.65.

Shares of IDRA stock opened at $2.84 on Thursday. Idera Pharmaceuticals has a fifty-two week low of $2.25 and a fifty-two week high of $13.84.

Idera Pharmaceuticals (NASDAQ:IDRA) last announced its earnings results on Thursday, May 2nd. The biotechnology company reported ($0.40) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.46) by $0.06. Idera Pharmaceuticals had a negative return on equity of 73.66% and a negative net margin of 9,045.47%. As a group, equities research analysts predict that Idera Pharmaceuticals will post -1.64 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in IDRA. Renaissance Technologies LLC purchased a new stake in Idera Pharmaceuticals in the 3rd quarter valued at about $132,000. Rhumbline Advisers boosted its position in Idera Pharmaceuticals by 148.1% in the 4th quarter. Rhumbline Advisers now owns 41,787 shares of the biotechnology company’s stock valued at $116,000 after buying an additional 24,941 shares during the period. SG Americas Securities LLC purchased a new stake in Idera Pharmaceuticals in the 4th quarter valued at about $41,000. BlackRock Inc. boosted its position in Idera Pharmaceuticals by 1.3% in the 4th quarter. BlackRock Inc. now owns 1,478,231 shares of the biotechnology company’s stock valued at $4,094,000 after buying an additional 19,046 shares during the period. Finally, Citigroup Inc. boosted its position in Idera Pharmaceuticals by 11.9% in the 4th quarter. Citigroup Inc. now owns 46,819 shares of the biotechnology company’s stock valued at $130,000 after buying an additional 4,971 shares during the period. 43.79% of the stock is owned by institutional investors and hedge funds.

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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