Stock Update (NASDAQ:IDRA): Idera Pharmaceuticals Announces Pricing of Public Offering of Common Stock
Idera Pharmaceuticals, Inc. (Nasdaq:IDRA) (“Idera” or the “Company”) today announced the pricing of an underwritten public offering of 20,000,000 shares of common stock for a public offering price of $3.75 per share. The Company has granted to the underwriters participating in the offering a 30-day option to purchase up to an additional 3,000,000 shares of common stock. All of the shares in the offering are to be sold by Idera. The offering is expected to close on or about February 19, 2015, subject to customary closing conditions. The gross proceeds to Idera from this offering are expected to be approximately $75.0 million, before underwriting discounts and commissions and offering expenses. Idera intends to use the net proceeds from this offering, together with existing cash, cash equivalents and investments, to advance clinical development of certain of its programs. Goldman, Sachs & Co. and J.P. Morgan are acting as joint bookrunning managers for the offering. Piper Jaffray & Co. is acting as lead manager for the offering.
Shares of Idera Pharmaceuticals closed yesterday at $4.24 . IDRA has a 1-year high of $6.87 and a 1-year low of $1.94. The stock’s 50-day moving average is $4.57 and it’s 200-day moving average is $3.18.
On the ratings front, Idera Pharmaceuticals has been the subject of a number of recent research reports. In a report issued on December 17, Piper Jaffray analyst Edward Tenthoff reiterated a Buy rating on IDRA, with a price target of $7, which implies an upside of 65.1% from current levels. Separately, on December 9, Cowen’s Boris Peaker maintained a Buy rating on the stock .
Idera Pharmaceuticals, Inc. is a clinical stage biotechnology company engaged in the discovery and development of novel synthetic DNA- and RNA- based drug candidates.