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Idera Pharmaceuticals (IDRA) Plunges on Negative Summer Street Review of Lead Therapy

By  +Follow March 24, 2014 3:09AM
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In an off day across the biotech segment, small-cap pharmaceutical company Idera Pharmaceuticals (IDRA) saw its shares get hammered to the tune of a 25 percent or more loss on Monday. Driving the losses was a negative report from Summer Street Research Partners on Idera’s lead therapy, IMO-8400, that said the drug was unimpressive and expected to fail.

Shares opened at $5.70 apiece, down 6 percent from Friday’s close, but shares started to plunge significantly along with the rest of the market, falling to under $4.70 a share in the first 15 minutes of trading action. The stock made brief recoveries twice only to fall even further each time, hitting lows of $4.51 a share for a loss of more than 25 percent.

IMO-8400 is a DNA-based compound being developed for treatment of B-cell lympyhoma and autoimmune diseases by disrupting the biological process of the disease. From the company’s website:

“The Company’s lead candidate, IMO-8400, has a novel mechanism of action as an antagonist to Toll-like receptors (TLR) 7, 8, and 9. Toll-like receptors are proteins whose activation plays a key role in both autoimmune diseases and forms of B-cell lymphoma where the MYD88 L265P genetic mutation is present, including Waldenström’s macroglobulinemia (WM) and activated B-cell-like diffuse large B-cell lymphoma (ABC-DLBCL). Treatment with IMO-8400 blocks over-activation of these TLRs, and interrupts the processes that lead to disease progression.”

IMO-8400 is currently conducting a 32-patient phase II clinical trial that began in September of last year. Idera is also developing IMO-9200 as its second novel antagonist for treating certain autoimmune diseases and should begin clinical trial in the second half of the year.

Some key technical factors may have influenced the size of Idera’s sell off. Most notably, the stock’s stachostic RSI, a key technical factor, had reached 1.00 on Friday. Any reading above 0.80 is typically viewed as a sign that the stock could be overbought.

It has been a strong year so far for Idera, with the stock trading in an upchannel that had shares up over 30 percent in 2014 prior to Monday’s losses. It was the peak of a one-year period in which Idera had been a 10-bagger, increasing by more than 1,000 percent in that period.

Today’s action saw shares cross both the 20-day and 50-day SMA from above as well as breaking through a rising support level at just over $5 a share that had appeared to bolster the confidence of investors since forming in mid-November.

 

 

Editor's note: this article had previously referred to Summer Street Research Partners as Summer Street Capital, 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.


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Results for IDRA
Stock Rocket
25 Jan 15 01:10:23
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24 Jan 15 06:50:44
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Stockaholics
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Darron
23 Jan 15 15:13:03
RT @moneytrails: @Darron1908 Still hold $ARRY, but good call Darron! How about $IDRA?
Darron
23 Jan 15 14:59:56
@moneytrails Thanks @moneytrails. Can't vouch for $IDRA. Watching and holding $YHOO, $UA the next couple weeks. Looking to enter $OPK soon.
Money Trails
23 Jan 15 14:33:53
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23 Jan 15 13:41:20
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23 Jan 15 07:44:24
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StockNewsWires
23 Jan 15 07:26:04
$IDRA: Stock Watch: Idera Pharmaceuticals Inc (NASDAQ:IDRA): http://t.co/XlrKyV9ixG
SharperTrades
23 Jan 15 07:25:12
$IDRA failed the 20SMA and the 8EMA changing course of action. Good buying opportunity only with a close above 4.71. http://t.co/D01OyXdSWU
SharperTrades
23 Jan 15 07:06:52
$IDRA looking good. Following yesterday's dragonfly doji, it is set to move higher. http://t.co/K7YsX7pcoW
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23 Jan 15 03:39:03
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Scott Elliott
22 Jan 15 20:06:53
$IDRA Pulled back to previous b/o level 4.50. Hammer reversal candle. Should hold here and turn up. http://t.co/GeAAN0BBSm
Miner1975
22 Jan 15 19:09:22
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22 Jan 15 19:04:55
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Smenz
22 Jan 15 18:02:03
$IDRA nice rally/close today
JSTOCKBROKERS
22 Jan 15 15:04:57
$IDRA good close http://t.co/DiAeA9LiFF
Stockaholics
22 Jan 15 12:48:27
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austintrader95
22 Jan 15 12:47:59
Long $IDRA
usasingh11
22 Jan 15 12:45:30
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SharperTrades
22 Jan 15 12:43:52
$IDRA dragonfly doji formation. Might be the beginning of the reversal and potential move up the trend channel. http://t.co/jTQIgSADUJ
Mark Trader
22 Jan 15 12:41:11
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Alexander Morris
22 Jan 15 10:59:45
$IDRA: 3mCrossSMA+ (4.47), 10%UpDays:10, tf:0000101, ch:-1.1%[3.9%offLo], DyVol:758T:0.5x:0.3x, DyRng:6%:0.7x:0.7x; TLM:0.7,
Wall Street
22 Jan 15 10:12:13
Article about a new type of penny stock website. http://t.co/JNK4kapBq0 $SNSS $VDRM $CUR $IDRA $WEST $AMRN $MWW $ZGNX
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Penny Stock Secret
22 Jan 15 09:18:14
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Alexander Morris
22 Jan 15 08:48:51
$IDRA: 1mCrossSMA+ (4.42), 10%UpDays:10, AtgPivL3, tf:0000001, ch:-2.0%[2.9%offLo], DyVol:511T:0.3x:0.2x, DyRng:6%:0.7x:0.7x,
Mark Trader
22 Jan 15 08:01:02
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Stockaholics
22 Jan 15 07:04:44
Our Penny Stock Picks Gained 968% In 5 Weeks! Get Our Next Pick Early: http://t.co/yQwzgQ7fmA $QCOR $FCEL $IDRA
Stock Rocket
22 Jan 15 03:32:47
Our Penny Stock Picks Gained 968% In 5 Weeks! Get Our Next Pick Early: http://t.co/wMEn6i1tkM $QCOR $FCEL $IDRA
Mark Trader
22 Jan 15 01:57:10
The last http://t.co/8hGh2pPo4U alert popped over 400%. So sweet and free to sign up. $MCIG $HERO $PHOT $KWK $ANTH $IDRA
Stock Rocket
21 Jan 15 20:50:05
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Solar Melt
21 Jan 15 19:27:04
$IDRA Is looking for support. Next level is down around $4.10 then $3.80.
Stockaholics
21 Jan 15 17:08:27
Our Penny Stock Picks Gained 968% In 5 Weeks! Get Our Next Pick Early: http://t.co/yQwzgQ7fmA $QCOR $FCEL $IDRA
grunco
21 Jan 15 16:12:00
RT @EXPstocktrader: High Volume OTM Call Scan #3 on the list = $IDRA
Michael
21 Jan 15 15:18:15
@jimcramer Plz look into $IDRA. They licensed old platform to $isis and developing new platform. new CEo just sold ViroPharm to Shire $4.2bn
Michael
21 Jan 15 15:15:01
@MadMoneyOnCNBC Please give opinion in $IDRA! They licensed old tech to $ISIS and developing next gen platform. #madmoney
Ani Anirudhan
21 Jan 15 14:14:18
$IDRA on watch, unusual call option bet on pull back to support https://t.co/VEHNoq8lk6 via http://t.co/IUDP7cBgZh
Dave
21 Jan 15 13:54:48
http://t.co/qY5MPlJPrU alerted CDVI at $.035. Its no trading over $.18 +421%. Pretty sweet! $CERS $MEDA $DNDNQ $VDRM $IDRA $AMRN
E B
21 Jan 15 13:21:33
@WallStJesus i'm holding $IDRA ;)
Wall Street
21 Jan 15 13:15:15
Article about a new type of penny stock website. http://t.co/JNK4kapBq0 $SNSS $VDRM $CUR $IDRA $WEST $AMRN $MWW $ZGNX
Stockaholics
21 Jan 15 12:35:25
Our Penny Stock Picks Gained 968% In 5 Weeks! Get Our Next Pick Early: http://t.co/yQwzgQ7fmA $QCOR $FCEL $IDRA
Market Intelligence
21 Jan 15 11:54:20
High Volume OTM Call Scan #3 on the list = $IDRA
				
				
By  +Follow March 24, 2014 3:09AM
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