Idera Pharmaceuticals Inc. (NASDAQ:IDRA)’s share price shot up 4.6% on Wednesday . The company traded as high as $2.09 and last traded at $2.04, with a volume of 874,000 shares changing hands. The stock had previously closed at $1.95.

A number of brokerages recently weighed in on IDRA. Wedbush reissued an “outperform” rating and set a $6.00 price objective on shares of Idera Pharmaceuticals in a report on Wednesday. Zacks Investment Research cut Idera Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Thursday, August 4th. Finally, Cowen and Company reissued a “buy” rating on shares of Idera Pharmaceuticals in a report on Tuesday, May 10th.

The company’s market cap is $229.40 million. The stock has a 50-day moving average of $1.79 and a 200-day moving average of $1.73.

Idera Pharmaceuticals (NASDAQ:IDRA) last released its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.11). Equities research analysts predict that Idera Pharmaceuticals Inc. will post ($0.44) earnings per share for the current year.

An institutional investor recently bought a new position in Idera Pharmaceuticals stock. Marshall Wace LLP purchased a new stake in shares of Idera Pharmaceuticals Inc. (NASDAQ:IDRA) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 769,105 shares of the company’s stock, valued at approximately $2,377,000. Marshall Wace LLP owned about 0.65% of Idera Pharmaceuticals at the end of the most recent reporting period.

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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