Cowen Maintains Outperform On Idera Pharmaceuticals Following Data Releases At ASH
Cowen analyst Boris Peaker maintained an Outperform rating on Idera Pharmaceuticals (NASDAQ:IDRA), as the company announced that data for its lead product candidate IMO-8400 were presented at the 56th Annual Meeting of the American Society of Hematology (ASH) in San Francisco. The data included a presentation on clinical safety results from Phase 1 and Phase 2 clinical trials of IMO-8400. In addition, a second presentation reported preclinical data demonstrating the activity of IMO-8400 in combination with rituximab in B-cell lymphoma models.No price target was provided.
Peaker observed, “IMO-8400 was generally well tolerated at all dose levels tested. There were no treatment discontinuations, changes in vital signs, and patterns of changes in laboratory parameters.” Regarding the IMO-8400 therapy, the analyst noted, “While these preclinical results are encouraging for the future development of IMO-8400, we do not expect any combination trials to be initiated in 2015.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Boris Peaker has a total average return of 28.9% and a 67.4% success rate. Peaker has a 48.8% average return when recommending IDRA, and is ranked #95 out of 3401 analysts.