Idera Pharmaceuticals (NASDAQ:IDRA) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Saturday.
IDRA has been the subject of several other research reports. Zacks Investment Research cut shares of Idera Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, January 17th. 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 Tuesday, January 23rd. Finally, ValuEngine cut shares of Idera Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 1st. Two analysts have rated the stock with a sell rating and six have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $4.83.
Shares of Idera Pharmaceuticals (NASDAQ:IDRA) opened at $2.07 on Friday. Idera Pharmaceuticals has a 1 year low of $1.32 and a 1 year high of $2.87. The firm has a market cap of $403.38, a PE ratio of -6.09 and a beta of 2.17.
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 value of $480,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders sold 3,600,000 shares of company stock valued at $7,111,000. 12.42% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Alliancebernstein L.P. grew its position in Idera Pharmaceuticals by 16.3% in the 2nd quarter. Alliancebernstein L.P. now owns 89,900 shares of the biotechnology company’s stock worth $155,000 after purchasing an additional 12,600 shares during the last quarter. MetLife Investment Advisors LLC bought a new position in Idera Pharmaceuticals in the 4th quarter worth about $155,000. The Manufacturers Life Insurance Company grew its position in Idera Pharmaceuticals by 7.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 94,976 shares of the biotechnology company’s stock worth $164,000 after purchasing an additional 6,316 shares during the last quarter. Acadian Asset Management LLC bought a new position in Idera Pharmaceuticals in the 4th quarter worth about $177,000. Finally, Ardsley Advisory Partners bought a new position in shares of Idera Pharmaceuticals in the fourth quarter valued at approximately $211,000. Hedge funds and other institutional investors own 36.58% of the company’s stock.
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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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