Idera Pharmaceuticals, Inc. (IDRA) Rating Increased to Hold at Zacks Investment Research

Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.

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. “

Other equities analysts also recently issued reports about the stock. ValuEngine upgraded shares of Idera Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Piper Jaffray Companies restated a “buy” rating and issued a $4.00 price target on shares of Idera Pharmaceuticals in a research note on Tuesday, September 12th. Finally, BidaskClub downgraded shares of Idera Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, August 4th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $5.75.

Idera Pharmaceuticals (NASDAQ:IDRA) last released its quarterly earnings results on Monday, August 7th. The biotechnology company reported ($0.14) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.03). Idera Pharmaceuticals had a negative net margin of 300.63% and a negative return on equity of 61.09%. The business had revenue of $0.19 million during the quarter, compared to analyst estimates of $0.20 million.

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A number of institutional investors have recently made changes to their positions in IDRA. Tudor Investment Corp ET AL grew its stake in Idera Pharmaceuticals by 48.8% during the first quarter. Tudor Investment Corp ET AL now owns 41,360 shares of the biotechnology company’s stock worth $102,000 after buying an additional 13,572 shares in the last quarter. State of Wisconsin Investment Board acquired a new stake in Idera Pharmaceuticals during the second quarter worth about $136,000. American International Group Inc. grew its stake in Idera Pharmaceuticals by 8.2% during the first quarter. American International Group Inc. now owns 55,412 shares of the biotechnology company’s stock worth $137,000 after buying an additional 4,214 shares in the last quarter. Nationwide Fund Advisors grew its stake in Idera Pharmaceuticals by 7.3% during the first quarter. Nationwide Fund Advisors now owns 62,392 shares of the biotechnology company’s stock worth $154,000 after buying an additional 4,235 shares in the last quarter. Finally, Alliancebernstein L.P. grew its stake in Idera Pharmaceuticals by 16.3% during the second quarter. Alliancebernstein L.P. now owns 89,900 shares of the biotechnology company’s stock worth $155,000 after buying an additional 12,600 shares in the last quarter. Hedge funds and other institutional investors own 30.94% of the company’s stock.

About Idera Pharmaceuticals

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.

Analyst Recommendations for Idera Pharmaceuticals (NASDAQ:IDRA)

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