In a report released today, Swayampakula Ramakanth from H.C. Wainwright maintained a Buy rating on Idera (NASDAQ: IDRA), with a price target of $4. The company’s shares closed yesterday at $2.07.
Ramakanth wrote:
“ILLUMINATE-204 study at ASCO. Idera presented a clinical update from the Phase 1/2 ILLUMINATE-204 study of tilsotolimod (previously Oncology (ASCO) Annual Meeting and held an analyst and investor event on June 4, 2018. Recall, the open-label Phase 1/2 ILLUMINATE-204 study is evaluating tilsotolimod in combination with ipilimumab (Yervoy, marketed by not rated)) or pembrolizumab (Keytruda, marketed by Merck (MRK; not rated)) for the treatment of PD-1 refractory melanoma. The results presented at ASCO included safety and efficacy of the tilsotolimod plus ipilimumab combination in the first 21 evaluable patients.”
According to TipRanks.com, Ramakanth is a 4-star analyst with an average return of 8.2% and a 41.5% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Diffusion Pharmaceuticals Inc, IntelGenx Technologies, and Trillium Therapeutics.
Idera has an analyst consensus of Moderate Buy, with a price target consensus of $4.
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The company has a one-year high of $2.87 and a one-year low of $1.32. Currently, Idera has an average volume of 1.27M.
Based on the recent corporate insider activity of 13 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of IDRA in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Idera Pharmaceuticals, Inc. is a clinical stage biotechnology company, which focuses on the discovery, development and commercialization of novel oligonucleotide therapeutics for oncology and rare diseases. The firm uses two distinct proprietary drug discovery technology platforms to design and develop drug candidates: Toll-like receptor targeting technology and third-generation antisense technology. The company was founded by Paul C. Zamecnik, Sudhir A. Agrawal, and James B. Wyngaarden on May 25, 1989 and is headquartered in Cambridge, MA.
