H.C. Wainwright analyst Swayampakula Ramakanth maintained a Buy rating on Idera (IDRA) today and set a price target of $18. The company’s shares closed yesterday at $3.12, close to its 52-week low of $2.98.
Ramakanth said:
“We are maintaining our Buy rating of IDRA and our 12-month price target of $18.00 per share. 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. We derive an rNPV of $1.12B for tilsotolimod and upon the inclusion of $82M in cash and cash equivalents to arrive at a 12-month price target of $18.35 per diluted share, which we round to $18.00.”
According to TipRanks.com, Ramakanth is ranked 0 out of 5 stars with an average return of -4.4% and a 31.9% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Diffusion Pharmaceuticals Inc, IntelGenx Technologies, and Collplant Holdings Ltd.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Idera with a $20 average price target, a 541.0% upside from current levels. In a report issued on December 17, Wedbush also reiterated a Buy rating on the stock with a $16 price target.
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Based on Idera’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $11.61 million. In comparison, last year the company had a GAAP net loss of $14.53 million.
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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.
