StockNews.com Initiates Coverage on Idera Pharmaceuticals (NASDAQ:IDRA)

StockNews.com started coverage on shares of Idera Pharmaceuticals (NASDAQ:IDRAGet Rating) in a report released on Thursday. The brokerage set a “sell” rating on the biotechnology company’s stock.

NASDAQ:IDRA opened at $0.44 on Thursday. Idera Pharmaceuticals has a twelve month low of $0.40 and a twelve month high of $1.71. The stock has a market cap of $23.50 million, a P/E ratio of -0.92 and a beta of 1.55. The firm’s fifty day simple moving average is $0.48 and its 200 day simple moving average is $0.60.

Idera Pharmaceuticals (NASDAQ:IDRAGet Rating) last released its quarterly earnings results on Thursday, March 31st. The biotechnology company reported ($0.08) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.03.

Hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC bought a new position in shares of Idera Pharmaceuticals during the 3rd quarter worth $280,000. Two Sigma Advisers LP raised its stake in shares of Idera Pharmaceuticals by 32.8% in the third quarter. Two Sigma Advisers LP now owns 795,871 shares of the biotechnology company’s stock worth $820,000 after purchasing an additional 196,400 shares during the last quarter. Two Sigma Investments LP raised its stake in shares of Idera Pharmaceuticals by 202.3% in the third quarter. Two Sigma Investments LP now owns 265,850 shares of the biotechnology company’s stock worth $274,000 after purchasing an additional 177,900 shares during the last quarter. Acadian Asset Management LLC raised its position in Idera Pharmaceuticals by 27.6% during the fourth quarter. Acadian Asset Management LLC now owns 506,381 shares of the biotechnology company’s stock valued at $287,000 after acquiring an additional 109,462 shares in the last quarter. Finally, Morgan Stanley raised its position in Idera Pharmaceuticals by 1,188.0% during the first quarter. Morgan Stanley now owns 118,419 shares of the biotechnology company’s stock valued at $154,000 after acquiring an additional 109,225 shares in the last quarter. Institutional investors and hedge funds own 12.18% of the company’s stock.

About Idera Pharmaceuticals (Get Rating)

Idera Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of drugs for rare disease indications in the United States. It offers Tilsotolimod (IMO-2125), a synthetic phosphorothioate oligonucleotide that acts as a direct agonist of TLR9 to stimulate the immune systems and for treating solid tumors, squamous cell carcinoma of the head and neck, and colorectal cancer.

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