Idera Pharma Shares Could Be A Four-Bagger, JMP Says

Idera Pharmaceuticals Inc (NASDAQ: IDRA) is a clinical-stage biopharmaceutical company developing novel nucleic acid-based product candidates for the treatment of cancer and rare diseases. The company is “capable of generating a host of promising drug candidates,” JMP Securities’ Michael King said in a report.

King initiated coverage of the company with a Market Outperform rating and price target of $8.

Idera Pharma was founded on the basis of pioneering work in the field of antisense oligonucleotides and has a “best-of-breed nucleic acid therapeutic platform” that could generate a large number of promising drug candidates, the analyst mentioned.

The company has entered into the immuno-oncology [IO] space, which is a strategic move. Its lead IO asset, IMO-2125, has exhibited “impressive clinical activity in combination with checkpoint inhibition in the setting of anti-PD-1 refractory metastatic melanoma,” King noted.

Related Link: Idera Pharmaceuticals Reports Fourth Quarter and Year End 2016 Financial Results and Provides Corporate Update

Key Positives

The analyst mentioned the following positives that combine to make Idera Pharma “an attractive investment opportunity in the small-cap biotech space”

1. Innovative platform
2. Strong scientific foundation
3. Seasoned management team
4. Assets with demonstrated clinical activity