Idera Pharmaceuticals (NASDAQ:IDRA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday.
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 issued reports on the company. HC Wainwright set a $4.00 price objective on Idera Pharmaceuticals and gave the stock a “buy” rating in a research report on Friday. ValuEngine downgraded Idera Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Thursday, March 1st. Finally, BidaskClub downgraded Idera Pharmaceuticals from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 25th. Two analysts have rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $4.83.
Idera Pharmaceuticals (NASDAQ:IDRA) last released its quarterly earnings data on Wednesday, March 7th. The biotechnology company reported ($0.08) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.08). The business had revenue of $0.17 million during the quarter, compared to analysts’ expectations of $0.30 million. Idera Pharmaceuticals had a negative return on equity of 78.83% and a negative net margin of 7,315.30%. research analysts predict that Idera Pharmaceuticals will post -0.37 EPS for the current year.
In other news, major shareholder Invest Corp Pillar sold 200,000 shares of the business’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $2.40, for a total value of $480,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 3,600,000 shares of company stock valued at $7,111,000 over the last three months. Company insiders own 12.42% of the company’s stock.
Several institutional investors have recently bought and sold shares of IDRA. BlackRock Inc. lifted its holdings in shares of Idera Pharmaceuticals by 38.1% in the 4th quarter. BlackRock Inc. now owns 9,005,243 shares of the biotechnology company’s stock valued at $19,000,000 after purchasing an additional 2,486,098 shares during the last quarter. Bain Capital Public Equity Management LLC purchased a new stake in shares of Idera Pharmaceuticals in the 4th quarter valued at about $4,816,000. Millennium Management LLC lifted its holdings in shares of Idera Pharmaceuticals by 135.9% in the 4th quarter. Millennium Management LLC now owns 3,854,325 shares of the biotechnology company’s stock valued at $8,133,000 after purchasing an additional 2,220,674 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Idera Pharmaceuticals by 45.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,359,875 shares of the biotechnology company’s stock valued at $7,526,000 after purchasing an additional 1,048,475 shares during the last quarter. Finally, Vident Investment Advisory LLC purchased a new stake in shares of Idera Pharmaceuticals in the 4th quarter valued at about $1,351,000. 36.58% of the stock is owned by institutional investors and hedge funds.
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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.
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