Idera Pharmaceuticals (NASDAQ:IDRA) Coverage Initiated by Analysts at StockNews.com

Investment analysts at StockNews.com assumed coverage on shares of Idera Pharmaceuticals (NASDAQ:IDRAGet Rating) in a research report issued to clients and investors on Monday. The brokerage set a “sell” rating on the biotechnology company’s stock.

Idera Pharmaceuticals Price Performance

IDRA stock opened at $0.36 on Monday. The company has a market cap of $19.10 million, a P/E ratio of -1.13 and a beta of 1.50. Idera Pharmaceuticals has a 1 year low of $0.30 and a 1 year high of $0.95. The stock’s fifty day moving average price is $0.40 and its 200-day moving average price is $0.45.

Idera Pharmaceuticals shares are scheduled to split on Friday, November 25th. The 2-1 split was announced on Friday, November 25th. The newly minted shares will be issued to shareholders after the closing bell on Friday, November 25th.

Hedge Funds Weigh In On Idera Pharmaceuticals

A hedge fund recently bought a new stake in Idera Pharmaceuticals stock. Millennium Management LLC purchased a new position in Idera Pharmaceuticals, Inc. (NASDAQ:IDRAGet Rating) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 122,238 shares of the biotechnology company’s stock, valued at approximately $56,000. Millennium Management LLC owned about 0.23% of Idera Pharmaceuticals at the end of the most recent reporting period. 12.18% of the stock is currently owned by institutional investors.

About Idera Pharmaceuticals

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Idera Pharmaceuticals, Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of drugs for rare disease indications in the United States. It offers Tilsotolimod (IMO-2125), a synthetic phosphorothioate oligonucleotide that acts as a direct agonist of TLR9 to stimulate the immune systems and for treating solid tumors, squamous cell carcinoma of the head and neck, and colorectal cancer.

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