Idera Pharmaceuticals Inc (NASDAQ:IDRA) announced the pricing of an underwritten public offering of 25,000,000 shares of common stock for a public offering price of $2.00 per share. The Company has granted to the underwriters participating in the offering a 30-day option to purchase up to an additional 3,750,000 shares of common stock. All of the shares in the offering are to be sold by Idera. The offering is expected to close on or about October 13, 2016, subject to customary closing conditions.
The gross proceeds to Idera from this offering are expected to be approximately $50.0 million, before underwriting discounts and commissions and offering expenses. Idera intends to use the net proceeds from this offering, together with existing cash, cash equivalents and investments, to advance clinical development of certain of its programs. J.P. Morgan and Goldman, Sachs & Co. are acting as joint bookrunning managers for the offering. Wedbush PacGrow and JMP Securities are acting as co-managers. (Original Source)
Shares of Idera Pharmaceuticals are down nearly 3% to $2.12 in pre-market trdading. IDRA has a 1-year high of $4.42 and a 1-year low of $1.19. The stock’s 50-day moving average is $2.16 and its 200-day moving average is $1.80.
On the ratings front, IDRA stock has been the subject of a number of recent research reports. In a report issued on September 26, Cowen analyst Boris Peaker reiterated a Buy rating on IDRA. Separately, on August 25, Wedbush’s Heather Behanna reiterated a Buy rating on the stock and has a price target of $6.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Boris Peaker and Heather Behanna have a total average return of 16.8% and 16.1% respectively. Peaker has a success rate of 50% and is ranked #141 out of 4190 analysts, while Behanna has a success rate of 46% and is ranked #485.
Idera Pharmaceuticals, Inc. is a clinical stage biotechnology company, which is engaged in discovery, development and commercialization of novel nucleic acid therapeutics to treat patients with serious and life-threatening diseases. Idera’s immunotherapy approach is based on the modulation of toll-like receptors (TLRs) while its third-generation antisense technology is designed to inhibit the production of disease-associated proteins by targeting RNA.