Idera Pharmaceuticals, Inc. (NASDAQ:IDRA)’s Share Price Dips Following Announcement of $50M Public Offering

Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) announces offer to sell common stock worth $50 million in an underwritten public offering.

Idera Pharmaceuticals Inc. (IDRA) has announced its offer to sell common stock worth $50 million in an underwritten public offering. All the shares in the common stock offering will be sold by Idera, pursuant to a shelf registration statement filed with and declared effective by the Securities and Exchange Commission in 2014. The pricing and total number of shares to be sold are yet to be finalized. (See also: Evaluating Pharmaceutical Companies.)

Idera is a clinical-stage biopharmaceutical company which is in the business of developing novel treatments based on nucleic acid intended for treating certain cancers and rare diseases. The Cambridge, Massachusetts-based company specializes in toll-like receptors (TLR) targeting technology. TLR are a type of proteins which play an important role in the functioning of the immune system. It also has a technology platform to restrain the production of proteins which are associated with diseases.

JP Morgan (JPM) and Goldman Sachs & Co. (GS) are appointed as the joint book running managers for the proposed public issue. The underwriters have a 30-day option to buy additional shares of the common stock, capped to 15% of the total number of shares being sold through the public offering.

The funds raised will be utilized for advancing clinical developments and other ongoing programs of the company.

Read more: Idera Announces $50M Public Offering (IDRA) | Investopedia

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Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) shares are trading -16.48% on the news and in the range of $2.17 – 2.39 during the current trading session.  When taking a look at which direction the stock might be headed, investors often look to brokerage analysts who cover the stock.  Sell-side research firms on Wall Street currently have a consensus one-year price target of $5.00 on the stock.  This is according to brokerage analysts polled by Thomson Reuters First Call.

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Sell-side analysts are projecting earnings per share of $0.00 for the next fiscal quarter.  For the current year, analysts are predicting earnings of $-0.45 per share according to First Call.

In looking at where the stock is trading on a technical level, the stock is trading -0.56% away from its 50 day moving average of $2.19.  Based on the most recent available data, the equity is -50.68% off of its 52-week high of $4.42 and +83.19% away from its 52-week low which is $1.19.

Today, the stock opened at $2.25 and the last bid at the time of writing stood at $2.18.  During the session thus far, the equity dipped down to $2.17 and touched $2.39 as the high point.  Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) has a market cap of $264.60M and has seen an average daily volume of 757662 over the past three months.

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Disclaimer: Nothing contained in this publication is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional.


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