Analyst Upgrades: Amazon, bluebird bio, Idera Pharma

Analysts upwardly revised their ratings on Amazon.com, Inc. (NASDAQ:AMZN), bluebird bio Inc (NASDAQ:BLUE), and Idera Pharmaceuticals Inc (NASDAQ:IDRA)

Jun 15, 2015 at 9:41 AM
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Analysts are weighing in on e-commerce concern Amazon.com, Inc. (NASDAQ:AMZN), as well as drugmakers bluebird bio Inc (NASDAQ:BLUE) and Idera Pharmaceuticals Inc (NASDAQ:IDRA). Here's a quick roundup of today's bullish brokerage notes on AMZN, BLUE, and IDRA.

  • Google Inc (NASDAQ:GOOGL) made a number of headlines last week, including Friday's announcement that it plans to create a new gaming app and website via Youtube -- creating competition for AMZN's Twitch service. The news did little to sway Canaccord Genuity's outlook for AMZN, though, with the brokerage firm boosting its price target on the shares to $400 from $380. However, considering Amazon.com, Inc. has added more than 37% this year to trade at $425.47 -- a premium to Canaccord Genuity's new price target -- additional bullish brokerage notes could be on the horizon. In fact, nearly 43% of covering analysts maintain a lukewarm "hold" recommendation on AMZN, while the consensus 12-month price target of $467.89 rests less than 10% above current trading levels.

  • BLUE has had a standout run, up almost sevenfold year-over-year. The equity looks poised to extend this momentum today -- up 1.4% at last check at $183.31 -- after J.P. Morgan Securities boosted its price target to $244 from $200. Not only does this represent a bold 33% premium to BLUE's present price, but also rests in territory yet to be charted. Option traders, meanwhile, have been initiating long puts over calls at a rapid-fire rate. Specifically, the stock's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 2.28 sits just 8 percentage points from a 52-week peak. Elsewhere on the fundamental front, reports suggest bluebird bio Inc's experimental sickle cell disease has continued to show promise. Additionally, the firm announced Philip Gregory, D. Phil. as its new chief scientific officer.

  • J.P. Morgan Securities also weighed in on IDRA, initiating coverage with an "overweight" rating and $6 price target -- and sending the shares 5% higher out of the gate. While today's price move is welcome for a stock that's shed 15% year-to-date to trade at $3.75, it could stall out near its 80-day trendline. This moving average has helped usher the shares lower since late March, and quickly rejected Idera Pharmaceuticals Inc's most recent rally attempt. Short sellers, meanwhile, have most likely been cheering the security's longer-term technical troubles. Short interest accounts for nearly 18% of the equity's available float, or 9.7 times IDRA's average daily pace of trading.
 

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