Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) is one of the stocks that are grabbing investor focus today: skyrocketing 5.73% or (0.13 points) to $2.4 from its previous close of $2.27. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 138242 contracts so far this session. IDRA shares had a relatively better volume day versus average trading capacity of 281.8 thousand shares, but with a 22.23 million float and a -7.72% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for IDRA stock indicates that the average analyst price target is $12 per share. This means the stock has a potential increase of 400% from where the IDRA share price has been trading recently which is between $2.2304 and $2.44. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $5.
The shorts are climbing into Idera Pharmaceuticals, Inc. (IDRA) stock. The latest set of short interest data was released on 31 July 2019, and the numbers show a rise in short interest in IDRA shares. While short interest still represents only 4.06% of IDRA’s float, the number of shares shorted have risen by 22782. The number of shares shorted advanced to 924532 shares, up from 901750 shares during the preceding fortnight. With average daily trading volumes at 208336 shares, days to cover decreased to about 4.885071 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Idera Pharmaceuticals (IDRA) Reports Q2 Loss, Tops Revenue Estimates” and dated August 08, 2019.
During the recent trading session for Idera Pharmaceuticals, Inc. (NASDAQ:IDRA), the company witnessed their stock drop by $-0.02 over a week and tumble down $-0.19 from the price 20 days ago. When compared to their established 52-week high of $10.95, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 08/31/18. The recent low of $2.2 stood for a -78.08% since 08/13/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 2.36 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Idera Pharmaceuticals, Inc., the two-week RSI stands at 41.8. This figure suggests that IDRA stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current IDRA readings is similarly very revealing as it has a stochastic reading of 24.1% at this stage. This figure means that IDRA share price today is being overbought.
Technical chart claims that Idera Pharmaceuticals, Inc. (IDRA) would settle between $2.4/share to $2.52/share level. However, if the stock price goes below the $2.19 mark, then the market for Idera Pharmaceuticals, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $2.1 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.08. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Barclays, assumed coverage of IDRA assigning Overweight rating, according to their opinion released on September 24. JP Morgan, analysts launched coverage of Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) stock with a Overweight recommendation, according to their flash note issued to investors on August 15. Analysts at H.C. Wainwright, made their first call for the equity with a Buy recommendation, according to a research note that dated back to November 09.
IDRA equity has an average rating of 1.6, with the figure leaning towards a bullish end. 5 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 5 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 5 analysts rated Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, IDRA stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 179.01 while for the average stock in the same group, the multiple is 42.65.
Idera Pharmaceuticals, Inc. (IDRA)’s current-quarter revenues are projected to climb by nearly -33.33% to hit $0.1 million, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 66.01% from $0.66 million to a noteworthy $1.1 million. At the other end of the current quarter income statement, Idera Pharmaceuticals, Inc. is expected to see its adjusted earnings surge by roughly 2.17% to hit $-0.45 per share. For the fiscal year, IDRA’s earnings are projected to climb by roughly 29.39% to hit $-1.61 per share.