Wedbush analyst Robert Driscoll reiterated an Outperform rating and $16 price target on Idera Pharmaceuticals after the company updated results from the ongoing Phase 2 study of tilsotolimod plus ipilumumab in patients with PD-1 refractory melanoma. In a research note to investors, Driscoll says he remains "positive" on the study data, which he believe supports the ongoing Phase 3, and adds that ORR has tracked slightly lower than the previous data cut, but he believes 29.4% remains clinically meaningful with the potential to improve as tumor reductions continue to evolve over time.