Shares of Idera Pharmaceuticals Inc (NASDAQ:IDRA) were up 5.4% during mid-day trading on Thursday . The stock traded as high as $6.87 and last traded at $6.20. Approximately 685,718 shares traded hands during mid-day trading, an increase of 204% from the average daily volume of 225,451 shares. The stock had previously closed at $5.88.
Several analysts recently issued reports on IDRA shares. Robert W. Baird reduced their price target on Idera Pharmaceuticals from $40.00 to $32.00 and set an “outperform” rating for the company in a research note on Wednesday, June 13th. BidaskClub upgraded Idera Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, May 17th. Zacks Investment Research raised Idera Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, June 23rd. ValuEngine cut Idera Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Friday, April 6th. Finally, JMP Securities dropped their price objective on Idera Pharmaceuticals from $64.00 to $32.00 and set a “positive” rating for the company in a report on Wednesday, June 13th. Two equities research analysts have rated the stock with a sell rating, five have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $28.00.
The firm has a market cap of $155.11 million, a price-to-earnings ratio of -1.75 and a beta of 1.36.
In other Idera Pharmaceuticals news, major shareholder Invest Corp Pillar sold 250,500 shares of Idera Pharmaceuticals stock in a transaction on Friday, July 13th. The stock was sold at an average price of $1.05, for a total value of $263,025.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 4,884,843 shares of company stock valued at $4,527,676 over the last ninety days. Insiders own 20.48% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. MetLife Investment Advisors LLC acquired a new position in Idera Pharmaceuticals in the 4th quarter valued at $155,000. Berson & Corrado Investment Advisors LLC raised its holdings in shares of Idera Pharmaceuticals by 69.2% during the 2nd quarter. Berson & Corrado Investment Advisors LLC now owns 104,850 shares of the biotechnology company’s stock worth $138,000 after buying an additional 42,900 shares in the last quarter. New York State Common Retirement Fund raised its holdings in shares of Idera Pharmaceuticals by 41.3% during the 1st quarter. New York State Common Retirement Fund now owns 136,100 shares of the biotechnology company’s stock worth $250,000 after buying an additional 39,800 shares in the last quarter. Bluefin Trading LLC acquired a new position in shares of Idera Pharmaceuticals during the 1st quarter worth $329,000. Finally, Wells Fargo & Company MN raised its holdings in shares of Idera Pharmaceuticals by 36.8% during the 4th quarter. Wells Fargo & Company MN now owns 194,892 shares of the biotechnology company’s stock worth $411,000 after buying an additional 52,469 shares in the last quarter. 42.50% of the stock is owned by hedge funds and other institutional investors.
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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