H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating on Idera (IDRA) today and set a price target of $9. The company’s shares closed yesterday at $2.49, close to its 52-week low of $2.25.
Ramakanth said:
“We maintain our Buy rating of IDRA and lower our 12-month price target to $9.00 per share, down from $14.00. 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 a 3% terminal growth rate. We derive an rNPV of $1.0B for tilsotolimod and add $52M in cash and cash equivalents to arrive at a 12-month price target of $8.89 per diluted share, which we round to $9.00. (1) clinical; (2) partnership; (3) commercial; (4) financial; and (5) intellectual property.”
According to TipRanks.com, Ramakanth is ranked 0 out of 5 stars with an average return of -11.6% and a 29.0% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as IntelGenx Technologies, Gritstone Oncology Inc, and Trillium Therapeutics.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Idera with a $9 average price target.
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The company has a one-year high of $10.95 and a one-year low of $2.25. Currently, Idera has an average volume of 289.4K.
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Idera Pharmaceuticals, Inc. is a clinical stage biopharmaceutical company, which focuses on the clinical development, and commercialization of drug candidates for both oncology and rare disease indications. 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.
