Dallas, Texas 07/02/2015 (Financialstrend) – Clinical stage biopharmaceutical company, Idera Pharmaceuticals Inc (NASDAQ:IDRA) has appointed Mark j. Casey, as its new senior vice president and General Counsel. He is also to act as the secretary of the Board of Directors. In welcoming him to the company, CEO, Vincent J. Milano reiterated the experience Casey brings to the company highly needed for the development of new therapies.
Casey Joins Idera having worked as the Chief Administrative Officer, Senior Vice President, and General Counsel of Hologic Inc. (NASDAQ:HOLX). He comes with vast experience in rare disease and cancer research work having also worked in Cytyc Corporation as well as Boston Scientific Corporation (NASDAQ:BSX).
Analysts at JPMorgan recently initiated coverage of the stock with an ‘overweight’ rating. The analysts are also confident that Idera Pharmaceuticals Inc (NASDAQ:IDRA) has what it take to soar to $6 a share. However, TheStreet research team currently rates the stock as a ‘Sell’ with a rating score of D.
The firm notes deteriorating net income as well as a disappointing return on equity and weak operating cash as some of the weakness. That could weigh in on Idera Pharmaceuticals Inc (NASDAQ:IDRA)’s long term prospects. The clinical stage company currently has its lead asset, IMO-8400 under study in two phase 1/2 proof of concept studies.
IMO-8400 Sales Potential
Positive data from the ongoing clinical trials should validate Idera Pharmaceuticals Inc (NASDAQ:IDRA)’s strategy of focusing on research and development. The drug should hit the market in 2019 according to analysts at Cowen &Co, which could see sales top highs of $750 million in 2023 with peak sales of $1.1 billion expected in 2031.
Idera Pharmaceuticals Inc (NASDAQ:IDRA) did not have the best of runs in the first quarter having seen its net loss soar to $12.5 million from a net loss of $9.1 million reported a year earlier. Expenses for the quarter were up to $8.7 million from $6.9 million a year earlier attributed to the ongoing clinical trials.