Millennium Management LLC grew its holdings in Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) by 135.9% during the fourth quarter, HoldingsChannel reports. The firm owned 3,854,325 shares of the biotechnology company’s stock after acquiring an additional 2,220,674 shares during the period. Millennium Management LLC’s holdings in Idera Pharmaceuticals were worth $8,133,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in IDRA. BlackRock Inc. lifted its stake in Idera Pharmaceuticals by 38.1% in the 4th quarter. BlackRock Inc. now owns 9,005,243 shares of the biotechnology company’s stock worth $19,000,000 after purchasing an additional 2,486,098 shares in the last quarter. Bain Capital Public Equity Management LLC purchased a new position in Idera Pharmaceuticals in the 4th quarter worth approximately $4,816,000. JPMorgan Chase & Co. lifted its stake in Idera Pharmaceuticals by 45.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,359,875 shares of the biotechnology company’s stock worth $7,526,000 after purchasing an additional 1,048,475 shares in the last quarter. Stanley Laman Group Ltd. purchased a new position in Idera Pharmaceuticals in the 4th quarter worth approximately $1,021,000. Finally, Two Sigma Investments LP purchased a new position in Idera Pharmaceuticals in the 4th quarter worth approximately $640,000. 33.11% of the stock is currently owned by institutional investors and hedge funds.
IDRA has been the topic of a number of research reports. BidaskClub raised shares of Idera Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Saturday, December 30th. Zacks Investment Research downgraded shares of Idera Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, January 17th. HC Wainwright set a $4.00 price target on shares of Idera Pharmaceuticals and gave the stock a “buy” rating in a report on Tuesday, January 23rd. Finally, ValuEngine downgraded shares of Idera Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Thursday, March 1st. Two research analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. Idera Pharmaceuticals currently has a consensus rating of “Hold” and an average price target of $3.75.
Idera Pharmaceuticals (NASDAQ:IDRA) last announced its quarterly earnings results on Wednesday, March 7th. The biotechnology company reported ($0.08) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.08). The business had revenue of $0.17 million during the quarter, compared to the consensus estimate of $0.30 million. Idera Pharmaceuticals had a negative net margin of 7,315.30% and a negative return on equity of 78.83%. research analysts forecast that Idera Pharmaceuticals, Inc. will post -0.37 earnings per share for the current fiscal year.
In other news, major shareholder Invest Corp Pillar sold 200,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $2.40, for a total transaction of $480,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 12.42% of the stock is owned by company insiders.
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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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