Idera Gets a Buy Rating from H.C. Wainwright

H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating on Idera (NASDAQ: IDRA) today and set a price target of $4. The company’s shares closed yesterday at $1.72.

According to TipRanks.com, Ramakanth is a 3-star analyst with an average return of 4.2% and a 37.1% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Diffusion Pharmaceuticals Inc, Eleven Biotherapeutics, and IntelGenx Technologies.

Idera has an analyst consensus of Moderate Buy, with a price target consensus of $4.

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Based on Idera’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $20.1 million. In comparison, last year the company had a GAAP net loss of $15.06 million.

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 company 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.