Idera Pharmaceuticals (IDRA) Shares Up 7.8%

Idera Pharmaceuticals, Inc. (NASDAQ:IDRA)’s share price shot up 7.8% during trading on Thursday . The stock traded as high as $1.80 and last traded at $1.79. 1,137,169 shares were traded during trading, a decline of 36% from the average session volume of 1,776,227 shares. The stock had previously closed at $1.66.

Several research firms have commented on IDRA. ValuEngine downgraded shares of Idera Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Friday, April 6th. Zacks Investment Research downgraded shares of Idera Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Friday, March 9th. HC Wainwright set a $4.00 target price on shares of Idera Pharmaceuticals and gave the stock a “buy” rating in a research report on Friday, March 9th. Finally, BidaskClub downgraded shares of Idera Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Thursday, March 29th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. Idera Pharmaceuticals currently has an average rating of “Hold” and an average price target of $3.75.

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The firm has a market cap of $362.89, a PE ratio of -4.26 and a beta of 2.35.

Idera Pharmaceuticals (NASDAQ:IDRA) last released its quarterly earnings results on Wednesday, March 7th. The biotechnology company reported ($0.08) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.08). Idera Pharmaceuticals had a negative net margin of 7,315.30% and a negative return on equity of 78.83%. The company had revenue of $0.17 million during the quarter, compared to analysts’ expectations of $0.30 million. sell-side analysts anticipate that Idera Pharmaceuticals, Inc. will post -0.37 earnings per share for the current fiscal year.

In other Idera Pharmaceuticals news, major shareholder Invest Corp Pillar sold 200,000 shares of the company’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $2.40, for a total transaction of $480,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.42% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the business. MetLife Investment Advisors LLC bought a new stake in Idera Pharmaceuticals during the fourth quarter valued at about $155,000. Acadian Asset Management LLC bought a new stake in Idera Pharmaceuticals during the fourth quarter valued at about $177,000. The Manufacturers Life Insurance Company boosted its holdings in Idera Pharmaceuticals by 7.1% during the second quarter. The Manufacturers Life Insurance Company now owns 94,976 shares of the biotechnology company’s stock valued at $164,000 after acquiring an additional 6,316 shares during the period. Ardsley Advisory Partners bought a new stake in Idera Pharmaceuticals during the fourth quarter valued at about $211,000. Finally, Wells Fargo & Company MN boosted its holdings in Idera Pharmaceuticals by 55.7% during the third quarter. Wells Fargo & Company MN now owns 142,423 shares of the biotechnology company’s stock valued at $318,000 after acquiring an additional 50,944 shares during the period. Institutional investors own 33.11% of the company’s stock.

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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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