UPDATE: JPMorgan Downgrades Idera Pharmaceuticals (IDRA) to Neutral
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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."
Shares of Idera Pharmaceuticals closed at $5.21 yesterday.
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