logo  
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

Idera Pharmaceuticals (IDRA) Climbs on Positive Top-line Data from IMO-8400 Phase 2 Trial

By  +Follow March 27, 2014 11:11AM
Share:
Tickers Mentioned:

It’s been a wild week for Idera Pharmaceuticals (IDRA). What started as a modest decline on March 19 after the stock bumped against its rising resistance level at about $6.85 a share turned into a blood bath on Monday when Summer Street Research Partners analysts expressed skepticism about the effectiveness of IMO-8400, the company’s lead therapy. Shares plummeted, and kept falling throughout the week. However, while Thursday brought more losses, it also brought an opinion from Piper Jaffray analysts that ran counter to Summer Street, calling the sell-off premature and overblown.

Now, for the time being at least, it appears as though Piper Jaffray had the right idea. The stock is up over 10 percent in early trading after the release of top-line data from its Phase 2 trial for IMO-8400 that appears to be broadly positive.

Shares gapped up 16.2 percent to $4.51 a share at the opening bell, fell sharply to just under $4.30 immediately afterwards, then quickly began a buying run that pushed the stock as high as $4.75 a share just before 10am ET, a 22.4 percent gain. The stock retreated again, though, falling back below its opening price as the morning wore on.

The phase 2 trial was a double-blind placebo controlled clinical trial involving 32 patients with moderate-to-severe plaque psoriasis. Idera’s IMO-8400 met both the primary objective of evaluating safety and tolerability for the drug, with no treatment related discontinuation and all patients being well tolerated, and its secondary objective of demonstrating clinical activity in patients with psoriasis.

“Successful completion of this trial is an important additional milestone in our TLR antagonist program. We have studied psoriasis as the initial disease indication to demonstrate clinical proof of concept for our TLR antagonists in autoimmune diseases,” said CEO Sudhir Agrawal, D. Phil. “With these data, we can now pursue our announced business strategy and advance our TLR antagonist drug candidates for the treatment of orphan diseases with high unmet medical need. Towards this goal, our clinical development strategy for IMO-8400 is focused on B-cell lymphomas harboring the MYD88 L265P mutation, and on orphan autoimmune disease indications. Over the remainder of 2014, we anticipate enrolling patients in IMO-8400 trials for Waldenström’s macroglobulinemia, diffuse large B-cell lymphoma and polymyositis and dermatomyositis.”

The treatment showed effectiveness and tolerability at three different dosing levels, giving Idera executives reason for optimism.

“We are very pleased to have met the goals of this trial related to safety and tolerability over three months of dosing, and to have obtained evidence of clinical activity with IMO-8400 in psoriasis patients. This provides further validation of the scientific rationale of blocking over-activation of specific TLRs,” said Senior VP and CMO Lou Brenner, 41M.D. “These data also support our clinical development plans for IMO-8400 in genetically defined forms of B-cell lymphoma and orphan autoimmune diseases.”

However, Summer Street analysts appeared to double down on their initial claims about IMO-8400. Analyst Bart Classen observed that did not mention a dosing effect in the recently-released data, something he considered surprising given it was a dosing study and some patients had very low doses.

The day’s gains may also have generated some interesting technical factors for Idera’s stock. While the release of clinical data is clearly what’s fueling the day’s movement, these other factors could be contributing to the strength of the rebound.

The stock has shown a 14-day stochastic RSI below 0.20 since plunging on Monday, a sign that it’s oversold. And as of yesterday’s losses, the 14-day RSI had also dropped below 30, another sign recognized by traders that the stock is oversold. What’s more, Friday’s gains resulted in the signal line crossing the MACD, which is considered a buy sign.

Finally, the fact that the stock bottomed out at just under $3.70 could show the formation of a rising support line at just under $4 a share based on a hard bounce there in late January. This would play against a clearly defined rising resistance line that’s appeared to cap gains since early September of last year. However, given that this supposed support line would be based on only two bounces, one of which corresponds with the release of positive clinical data, it’s hard to place all that much reliance in it.

 

 

Editor's note: this article had previously referred to Summer Street Research Partners as Summer Street Capital Partners, a separate and unafilliated company. It has been edited to correct this mistake.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


Liked What You Read? Join Equities.com as a contributor and get eyeballs on your content FOR FREE!

Results for IDRA
Momz Day Trading
23 Oct 14 17:44:18
$IDRA looking good
Stockaholics
23 Oct 14 12:22:30
Our Penny Stock Alerts Gained 371% In 2 weeks! Sign Up For Free Text Alerts For Our New Pick: http://t.co/dLDRavoCi4 $QCOR $FCEL $IDRA
Scott Thomas
23 Oct 14 12:02:06
RT @FonsieTrader: $IDRA going
JMS
23 Oct 14 11:59:33
RT @FonsieTrader: $IDRA going
JMS
23 Oct 14 11:58:14
RT @fm23: $IDRA http://t.co/ce3VFG1cZX
FonsieTrader
23 Oct 14 07:41:17
$IDRA going
FonsieTrader
23 Oct 14 07:30:20
$IDRA Is taking off
 Luke Murray
23 Oct 14 07:01:42
$IDRA out 2.48 +.05 on gap play
FonsieTrader
23 Oct 14 06:53:53
$IDRA on the move
FonsieTrader
23 Oct 14 05:30:40
$IDRA Nice Momentum here! Worth watching http://t.co/sztO8aCViN
Stockaholics
23 Oct 14 01:26:30
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $QCOR $FCEL $IDRA
wininstocks2014
23 Oct 14 00:56:39
IDRA 2.45 Stock Charts $IDRA Idera Pharmaceuticals Inc. (NASDAQ) Last Updated: 10/23/2014 02:56:37 IDRA Stock http://t.co/NRGQTPcWYw
Phil Martin
22 Oct 14 16:34:29
$IDRA http://t.co/ce3VFG1cZX
Stockaholics
22 Oct 14 14:02:06
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $QCOR $FCEL $IDRA
 Luke Murray
22 Oct 14 12:56:33
$IDRA in 2.43 for 2nd gap after 1st one ran
Daily Contracts
22 Oct 14 10:36:03
Real-Time feed of company contracts, original agreements and executive updates from Idera Pharmaceuticals $IDRA http://t.co/eSs9DV89f0
Richard Bailey
22 Oct 14 10:27:42
RT @AlertTrade: via #AlertTrade 5-min Candle Alert $IDRA - IDERA PHARMACEUTICALS #daytrader #stocks http://t.co/VS8RO1bzXJ
Day Trade Alerts
22 Oct 14 10:08:24
via #AlertTrade 5-min Candle Alert $IDRA - IDERA PHARMACEUTICALS #daytrader #stocks http://t.co/VS8RO1bzXJ
Crazy kid
22 Oct 14 06:18:31
"@brbpab94: $IDRA this stock is going to rock" Yay!
Stockaholics
22 Oct 14 01:31:24
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $QCOR $FCEL $IDRA
sfbay
21 Oct 14 22:43:39
$IDRA I've been watching it for a few months already. I'm not positive for the next earning, but I like its insider buying and management.
Stockaholics
21 Oct 14 21:38:55
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $QCOR $FCEL $IDRA
Dieter Hovekamp
21 Oct 14 12:27:42
RT @BosBizDon: Last week, #biotech stocks beat the overall market. Big local gainers were $NVIV $ALNY $SRPT $IDRA http://t.co/kw74uydn8j
Stockaholics
21 Oct 14 12:25:12
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $QCOR $FCEL $IDRA
Quantpost Basic Mats
21 Oct 14 12:13:32
$SDRL News: "Time To Plunge Into Stocks? $IDRA $SDRL …" http://t.co/ZzT3jNDXs5 Board view: https://t.co/3BzU9xpbHV
Seeking Alpha
21 Oct 14 12:13:29
Time To Plunge Into Stocks? http://t.co/xqLzqBwbYa $IDRA $SDRL
Don Seiffert
21 Oct 14 03:37:48
Last week, #biotech stocks beat the overall market. Big local gainers were $NVIV $ALNY $SRPT $IDRA http://t.co/kw74uydn8j
Stockaholics
21 Oct 14 01:09:08
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $QCOR $FCEL $IDRA
Stockaholics
20 Oct 14 20:41:59
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $QCOR $FCEL $IDRA
Stockaholics
20 Oct 14 17:01:30
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $QCOR $FCEL $IDRA
Stockaholics
20 Oct 14 12:28:20
After Massive Gains On Penny Stock Picks, another New Pick Is Coming! Check it out: http://t.co/YX0NLZhRQ5 $QCOR $FCEL $IDRA
Stockaholics
20 Oct 14 08:23:45
After Massive Gains On Penny Stock Picks, another New Pick Is Coming! Check it out: http://t.co/YX0NLZhRQ5 $QCOR $FCEL $IDRA
Stockaholics
19 Oct 14 23:59:39
After Massive Gains On Penny Stock Picks, another New Pick Is Coming! Check it out: http://t.co/YX0NLZhRQ5 $QCOR $FCEL $IDRA
Stockaholics
19 Oct 14 16:56:31
IBIO Closed Up 69.84% After Our Penny Stock Alert! New Picks Coming: http://t.co/OG2rloNNni $QCOR $FCEL $IDRA
Mr. Drummond
19 Oct 14 05:18:28
$IDRA Had a dream last night that this thing gapped up to $31.
JMS
18 Oct 14 19:14:59
RT @carpetscott: http://t.co/24YnnrSFKd / $IDRA acting bullish .
Stockaholics
18 Oct 14 14:36:42
IBIO Closed Up 69.84% After Our Penny Stock Alert! New Picks Coming: http://t.co/OG2rloNNni $QCOR $FCEL $IDRA
Stockaholics
18 Oct 14 11:43:13
IBIO Closed Up 69.84% After Our Penny Stock Alert! New Picks Coming: http://t.co/OG2rloNNni $QCOR $FCEL $IDRA
Stockaholics
18 Oct 14 03:32:54
IBIO Closed Up 69.84% After Our Penny Stock Alert! New Picks Coming: http://t.co/OG2rloNNni $QCOR $FCEL $IDRA
Scott Thomas
18 Oct 14 00:15:40
http://t.co/24YnnrSFKd / $IDRA acting bullish .
Stockaholics
17 Oct 14 13:27:54
IBIO Closed Up 69.84% After Our Penny Stock Alert! New Picks Coming: http://t.co/OG2rloNNni $QCOR $FCEL $IDRA
Media Sentiment
17 Oct 14 12:29:58
$IDRA received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 425
Techno Analyst
17 Oct 14 12:26:30
$IDRA strong support!!! Holding up nicely!!!
Techno Analyst
17 Oct 14 10:00:24
$IDRA huge bids at 2.30s GOING UP!
Techno Analyst
17 Oct 14 08:03:59
$IDRA nice dip before then move to the upside looking pretty thin on LEVEL 2...
Media Sentiment
17 Oct 14 07:20:08
$IDRA received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 232
Techno Analyst
17 Oct 14 07:19:26
$IDRA on the move $2.40s lets go!
Techno Analyst
17 Oct 14 07:12:24
NICE! Offers are moving above 2.40s!!! $IDRA
Media Sentiment
17 Oct 14 07:10:15
$IDRA received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 226
Techno Analyst
17 Oct 14 07:05:00
$IDRA looking strong holding it's ground above 2.35s once it breaks 2.40 it's off to the races...thinning out!!!
				
				
By  +Follow March 27, 2014 11:11AM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.