UPDATE: JPMorgan Downgrades Idera Pharmaceuticals (IDRA) to Neutral

March 19, 2021 2:05 AM EDT
Get Alerts IDRA Hot Sheet
Price: $1.13 -1.74%

Rating Summary:
    4 Buy, 4 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 8 | New: 31
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(Updated - March 19, 2021 4:59 AM EDT)

JPMorgan analyst Anupam Rama downgraded Idera Pharmaceuticals (NASDAQ: IDRA) from Overweight to Neutral.

The analyst comments "We are stepping to the sidelines post the ILLUMINATE-301 setback, but believe that the large selloff has put shares in a trading range that implies a fair valuation (slightly above cash). Indeed, while it is difficult to get excited about the opportunity in MSS-CRC in the context of a failure in melanoma, we would note that Idera has ~$38M cash on hand and operates very leanly. We would look to get more constructive on IDRA shares on (1) strong MSS-CRC data and / or (2) additional data from the ILLUMINATE-301 interim analysis (only topline results have been released) suggesting that there is potential for an OS benefit. We do not have a price target on IDRA shares."

For an analyst ratings summary and ratings history on Idera Pharmaceuticals click here. For more ratings news on Idera Pharmaceuticals click here.

Shares of Idera Pharmaceuticals closed at $5.21 yesterday.

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