Idera Pharmaceuticals Inc (IDRA) Earns Outperform Rating from Analysts at JMP Securities

JMP Securities began coverage on shares of Idera Pharmaceuticals Inc (NASDAQ:IDRA) in a report published on Wednesday. The brokerage issued an outperform rating and a $8.00 target price on the stock.

IDRA has been the topic of a number of other research reports. Wedbush reissued an outperform rating and set a $6.00 price target on shares of Idera Pharmaceuticals in a research report on Friday, March 17th. Cowen and Company reissued an outperform rating on shares of Idera Pharmaceuticals in a research report on Tuesday, November 29th. Finally, Zacks Investment Research downgraded Idera Pharmaceuticals from a buy rating to a hold rating in a research report on Wednesday, December 28th.

Idera Pharmaceuticals (NASDAQ:IDRA) traded up 0.40% on Wednesday, reaching $2.49. The company had a trading volume of 437,406 shares. The stock’s market capitalization is $371.24 million. The firm has a 50 day moving average price of $1.85 and a 200-day moving average price of $1.81. Idera Pharmaceuticals has a 12 month low of $1.19 and a 12 month high of $3.33.

Idera Pharmaceuticals (NASDAQ:IDRA) last released its earnings results on Wednesday, March 15th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.12. Idera Pharmaceuticals had a negative return on equity of 76.66% and a negative net margin of 4,621.03%. Analysts forecast that Idera Pharmaceuticals will post ($0.41) earnings per share for the current fiscal year.

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A number of institutional investors have recently made changes to their positions in the company. Alyeska Investment Group L.P. increased its position in shares of Idera Pharmaceuticals by 23.9% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,091,104 shares of the company’s stock worth $1,637,000 after buying an additional 210,278 shares during the period. Baker BROS. Advisors LP acquired a new position in shares of Idera Pharmaceuticals during the third quarter worth $17,956,000. Wells Fargo & Company MN increased its position in shares of Idera Pharmaceuticals by 120.6% in the third quarter. Wells Fargo & Company MN now owns 46,810 shares of the company’s stock worth $120,000 after buying an additional 25,589 shares during the period. Broadfin Capital LLC increased its position in shares of Idera Pharmaceuticals by 82.4% in the fourth quarter. Broadfin Capital LLC now owns 4,427,745 shares of the company’s stock worth $6,642,000 after buying an additional 2,000,000 shares during the period. Finally, Norges Bank acquired a new position in shares of Idera Pharmaceuticals during the fourth quarter worth $450,000. 23.23% of the stock is currently owned by hedge funds and other institutional investors.

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.

5 Day Chart for NASDAQ:IDRA

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