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Idera Pharmaceuticals (IDRA) Continues to Fall

By  +Follow March 27, 2014 6:24AM
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Shares in small-cap pharmaceutical stock Idera Pharmaceuticals (IDRA) continued their heavy losing streak on Thursday, down over 7.75 percent for losses in excess of 40 percent since March 18. The biggest chunk of that sell-off was motivated by news that Summer Street analysts weren’t impressed by Idera’s lead therapy, but losses have continued to mount since that information hit the markets on Monday.

Idera’s stock opened at $4.15 a share, off just under 1 percent from Wednesday’s close. However, the day proved a rocky one, as shares quickly plunged under $3.80, bounced, and then recovered to over the opening price, all in the first hour of trading. However, shares moved south again immediately after the recovery and stayed there, reaching a low of $3.67 for a loss of almost 12.5 percent. Moving into the last hour of trading, the stock had recovered to about $3.85 a share. Volume was heavy, with over 5.3 million shares moving by 3 pm ET against a daily average of just over 3.5 million shares.

The stock appears to have remained in a freefall ever since crossing its 20-day SMA, 50-day SMA, and support level all in the same disastrous day of trading, despite the lack of news about the company or IMO-8400, the treatment for lymphoma and autoimmune diseases that Summer Street knocked on Monday.

However, while the markets appear to be battering Idera, some circles are clearly seeing a buying opportunity. A note from Piper Jaffray research analysts Edward Tentoff and David Lebowitz entitled “Whoa Big Fella – IDRA Sell Off Seems Overblown in Our View” reiterated a price target of $7 and an “overweight” rating.

“Shares of IDRA are down 45% from their YTD high and have even broken recent deal price of $4.00 back in February,” said the note. “This sell off seems over blown in our view heading into Phase II IMO-8400 psoriasis data by the end of next week. We look for the study to expand the safety data with an additional 32 patients and demonstrate on target TLR 7,8&9 activity, validating the mechanism of action for Waldenstrom and MyD88- mutant Diffuse Large B-Cell Lymphoma (DLBCL).”

The note continued to emphasize that the market values of IMO-8400 and potential psoriasis treatment IMO-9200 could be more than a combined $770 million and emphasized that, based on the company’s fundamentals, its current cash position gives it time to develop its new therapies.

“We estimate Idera holds pro forma cash of $73 million, which is sufficient to fund operations into 2016,” the note reads.

 

 

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.


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Results for IDRA
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22 Sep 14 23:34:35
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20 Sep 14 22:45:53
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20 Sep 14 10:19:20
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20 Sep 14 10:10:35
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20 Sep 14 08:43:35
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Investors Hangout
20 Sep 14 08:43:35
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20 Sep 14 08:28:53
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Extreme Stocks
20 Sep 14 08:25:15
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lookn4wins
20 Sep 14 08:13:35
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20 Sep 14 00:03:10
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19 Sep 14 12:51:55
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Daily Contracts
19 Sep 14 10:53:01
Real-Time feed of company contracts, original agreements and executive updates from Idera Pharmaceuticals $IDRA http://t.co/eSs9DV89f0
Leo Kolivakis
19 Sep 14 10:38:37
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703trader
19 Sep 14 09:40:54
$IDRA baker bros must be selling position
Trader Pete
19 Sep 14 09:36:22
added more $IDRA @ 2.46 ... swing trade, looking for 2.85+ in 5-10 trading days
Scott Thomas
19 Sep 14 09:35:54
$IDRA is a sad firm . Its always next quarter . $2.45 ...price tells a story imo
DCam
19 Sep 14 08:18:36
$IDRA back in lower range of its $2.50 to $3.00 box. I got burned doing this with $SGYP last week so will hold off http://t.co/avJ12rbCCp
Trader Pete
19 Sep 14 08:11:06
$IDRA ... long 2.50 for a swing ... looking for 2.85 in next 5-10 trading days
WaterMartyr
19 Sep 14 08:10:21
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Grant Hoffner
19 Sep 14 05:28:48
Seeing a lot of accumulation on $IDRA. One of my two lt small cap bios.
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TravelingFam4
18 Sep 14 04:27:21
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17 Sep 14 23:47:20
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chartguy89
17 Sep 14 23:28:39
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Small Cap Strategist
17 Sep 14 16:41:16
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JMS
17 Sep 14 12:39:22
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17 Sep 14 10:46:21
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Pzaa...Guy
17 Sep 14 10:46:16
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17 Sep 14 10:46:13
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17 Sep 14 10:46:03
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By  +Follow March 27, 2014 6:24AM
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