NEW YORK (TheStreet) -- Shares of Idera Phamaceuticals Inc (IDRA) were jumping, up 5.04% to $3.75 on heavy volume in late morning trading Monday, after analysts at JPMorgan Chase initiated coverage on the clinical-stage biopharmaceutical company with an "overweight" rating earlier today.
The firm also issued a price target of $6 on Idera.
"The company's lead asset, IMO-8400, is being studied in two phase 1/2 proof-of-concept studies in MYD88 positive Waldenstrom's macroglobulinemia (WM) and diffuse large B-cell lymphoma (DLBCL)," the firm wrote in a note this morning.
About 2.25 million shares have exchanged hands as of 10:55 a.m. ET today, compared to its average trading volume of about 1.71 million shares a day.
Cambridge, Mass.-based Idera Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapeutics for oncology and rare diseases.
The company uses two drug discovery technology platforms to design and develop drug candidates.
Insight from TheStreet's Research Team:
Top Stocks analyst Helene Meisler commented on Idera Pharmaceuticals in a recent post. Here is what she had to say about the stock:
Idera Pharmaceuticals (IDRA) looks quite similar to the pattern I mapped out for it when we looked at it a few weeks ago: rally to resistance and a pullback to flesh out a right shoulder of a head-and-shoulders bottom. Any move up and over that $3.90 to $4 area still has some resistance overhead, but would give the chart a next target near $5. I'd buy with a stop under Tuesday's low.