H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating on Idera (NASDAQ: IDRA) today and set a price target of $18. The company’s shares closed on Friday at $5.53.
Ramakanth wrote:
“We are maintaining our Buy rating of IDRA and adjust our 12-month price target to $18.00 from $4.00. We derive our price target based on a risk-adjusted net present value analysis of projected tilsotolimod revenues through 2027 assuming a 12% discount rate and 3% terminal growth rate.”
According to TipRanks.com, Ramakanth is a 4-star analyst with an average return of 5.7% and a 38.2% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Diffusion Pharmaceuticals Inc, IntelGenx Technologies, and Leap Therapeutics Inc.
Currently, the analyst consensus on Idera is a Moderate Buy with an average price target of $18.
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The company has a one-year high of $6.94 and a one-year low of $0.80. Currently, Idera has an average volume of 1.8M.
Based on the recent corporate insider activity of 14 insiders, corporate insider sentiment is negative on the stock.
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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.
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