H.C. Wainwright analyst Swayampakula Ramakanth maintained a Buy rating on Idera (IDRA – Research Report) on September 5 and set a price target of $9. The company’s shares closed last Monday at $2.79, close to its 52-week low of $2.08.
“We maintain our Buy rating of IDRA and our 12-month price target of $9.00 per share. We derive our price target based on a risk-adjusted net present value analysis of projected tilsotolimod revenues through 2027 assuming a 12% discount rate and a 3% terminal growth rate. We derive an rNPV of $1.0B for tilsotolimod and add $52M in cash and cash equivalents to arrive at a 12-month price target of $8.89 per diluted share, which we round to $9.00. (1) clinical; (2) partnership; (3) commercial; (4) financial; and (5) intellectual property.”
According to TipRanks.com, Ramakanth ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -10.2% and a 33.3% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Zomedica Pharmaceuticals Corp, Corcept Therapeutics Inc, and IntelGenx Technologies.
Currently, the analyst consensus on Idera is a Moderate Buy with an average price target of $8, implying a 194.1% upside from current levels. In a report issued on September 5, JMP Securities also initiated coverage with a Buy rating on the stock with a $7 price target.
The company has a one-year high of $10.30 and a one-year low of $2.08. Currently, Idera has an average volume of 219.3K.
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Idera Pharmaceuticals, Inc. is a clinical stage biopharmaceutical company, which focuses on the clinical development, and commercialization of drug candidates for both oncology and rare disease indications. The company was founded by Paul C. Zamecnik, Sudhir A. Agrawal, and James B. Wyngaarden on May 25, 1989 and is headquartered in Cambridge, MA.