Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.

According to Zacks, “Idera Pharmaceuticals, Inc. is a drug discovery and development company that is developing drug candidates to treat cancer and infectious, respiratory, and autoimmune diseases, and for use in combination with therapeutic and prophylactic vaccines. Idera’s proprietary drug candidates are designed to modulate Toll-like Receptors, the body’s first line of immune defense. Idera’s pioneering DNA chemistry expertise enables it to identify drug candidates for internal development and creates opportunities for multiple collaborative alliances. “

IDRA has been the subject of a number of other reports. ValuEngine lowered shares of Idera Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Robert W. Baird assumed coverage on shares of Idera Pharmaceuticals in a report on Monday, April 24th. They issued an “outperform” rating and a $5.00 price objective for the company. Finally, BidaskClub lowered shares of Idera Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Friday, August 4th. Three research analysts have rated the stock with a sell rating and four have assigned a buy rating to the company. Idera Pharmaceuticals has a consensus rating of “Hold” and a consensus target price of $4.57.

Idera Pharmaceuticals (IDRA) traded down 4.40% during trading on Thursday, hitting $1.74. The stock had a trading volume of 899,632 shares. Idera Pharmaceuticals has a 1-year low of $1.30 and a 1-year high of $3.33. The company’s market capitalization is $260.36 million. The stock’s 50-day moving average price is $1.84 and its 200-day moving average price is $1.88.

Idera Pharmaceuticals (NASDAQ:IDRA) last announced its quarterly earnings data on Monday, August 7th. The biotechnology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by $0.03. Idera Pharmaceuticals had a negative return on equity of 61.09% and a negative net margin of 300.63%. The firm had revenue of $0.19 million during the quarter, compared to analysts’ expectations of $0.20 million. Analysts expect that Idera Pharmaceuticals will post ($0.48) earnings per share for the current year.

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A number of institutional investors have recently made changes to their positions in IDRA. Tudor Investment Corp ET AL raised its position in shares of Idera Pharmaceuticals by 48.8% in the first quarter. Tudor Investment Corp ET AL now owns 41,360 shares of the biotechnology company’s stock worth $102,000 after buying an additional 13,572 shares during the last quarter. TFS Capital LLC purchased a new position in shares of Idera Pharmaceuticals during the first quarter worth $109,000. State of Wisconsin Investment Board bought a new stake in shares of Idera Pharmaceuticals during the second quarter worth $136,000. American International Group Inc. raised its stake in shares of Idera Pharmaceuticals by 8.2% in the first quarter. American International Group Inc. now owns 55,412 shares of the biotechnology company’s stock worth $137,000 after buying an additional 4,214 shares in the last quarter. Finally, Nationwide Fund Advisors raised its stake in shares of Idera Pharmaceuticals by 7.3% in the first quarter. Nationwide Fund Advisors now owns 62,392 shares of the biotechnology company’s stock worth $154,000 after buying an additional 4,235 shares in the last quarter. Institutional investors own 31.30% of the company’s stock.

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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