Idera Pharmaceuticals Inc (IDRA) Stock up Big on Announcement of Important Hirings

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Idera Pharmaceuticals Inc (NASDAQ:IDRA) stock is up in early trading after the company has announced the hiring of several key individuals for various leadership positions.

“As we pursue our purpose of helping patients suffering from cancer or rare diseases, it is imperative that we continue to recruit outstanding talent,” stated Vincent Milano, Idera Pharmaceuticals Chief Executive Officer. “Mark, Kirsten, Tanya and John are all highly qualified in their respective areas of expertise and of equal importance are perfect fits for the culture that we are building at Idera.”

Idera has appointed Mark J. Cornfeld, M.D., M.P.H., as their new Vice President and Medical Lead of Oncology. Tanya N. Lewis, has been appointed as Vice President of Regulatory Affairs and Quality Assurance; John Kirby takes on the role of VP of Corporate Accounting, and Kirsten L. Gruis, M.D., M.S. takes on the role of Senior Medical Director of Rare Diseases.

The stock is up 9.42% or $0.35 after the positive news, hitting $4.03 per share. About 84,402 shares traded hands. IDRA has risen 20.66% since April 27, 2015 and is uptrending. It has outperformed by 21.55% the S&P500.

The institutional sentiment decreased to 2.57 in Q2 2015. Its down 2.10, from 4.67 in 2015Q1. The ratio turned negative, as 6 funds sold all Idera Pharmaceuticals Inc shares owned while 15 reduced positions. 19 funds bought stakes while 35 increased positions. They now own 60.00 million shares or 43.79% less from 106.74 million shares in 2015Q1.

Broadfin Capital Llc holds 1.13% of its portfolio in Idera Pharmaceuticals Inc for 5.66 million shares. Healthcor Management L.P. owns 1.34 million shares or 0.25% of their US portfolio. Moreover, Baker Bros. Advisors Lp has 0.23% invested in the company for 6.97 million shares. The California-based Palo Alto Investors Llc has invested 0.2% in the stock. Wall Street Associates, a California-based fund reported 500,000 shares.

Idera Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical firm focused on the discovery, development and commercialization of therapeutics for oncology and rare diseases. The company has a market cap of $476.57 million. The Firm uses two drug discovery technology platforms to design and develop drug candidates. It currently has negative earnings. Using its Toll-like receptor targeting technology, the Company creates synthetic oligonucleotide drug candidates to act by modulating the activity of specific TLRs.

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