Idera Pharmaceuticals Inc (NASDAQ: IDRA)
Idera Pharmaceuticals is having an incredible day in the market today. The movement in the stock is driven by news that JPM securities has initiated coverage on the stock, and they have a positive view overall. As a result of the news, the stock spiked, causing our partners at Trade Ideas to send the alert. At the moment (10:01), IDRA is trading at $2.28 per share after a gain of $0.19 per share or 8.85% thus far today.
JPM Securities Initiates IDRA Coverage
As mentioned above, the gains that we saw in after-hours and the pre-market are the result of JPM securities making the decision to initiate coverage on the biopharmaceutical company. In a note, JPM Securities Analyst, Michael King said that IDRA is “Capable of generating a host of promising drug candidates,” He went on to explain that he is impressed with the company’s work thus far in the space of immunology, stating that they have shown “impressive clinical activity in combination with checkpoint inhibition in the setting of anti-PD-1 refractory metastatic melanomoa.”
As a result of his strong opinion on the stock, King initiated coverage on Idera Pharmaceuticals with a rating of market outperform as well as a price target of $8.
What We’ll Be Watching For
Moving forward, the CNA Fiannce team will be watching IDRA incredibly closely. In particular, we’ll be watching the company’s continued work in the field of oncology and we are excited to see the progress the company continues to make. Nonetheless, we’ll be watching closely and bringing you the news as it breaks!
What Do You Think?
Where do you think IDRA is headed moving forward? Join the discussion in the comments below!
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