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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. To read our full disclosure, please go to: http://www.equities.com/disclaimer


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Results for IDRA
StockenheimerSchmidt
29 Jul 15 10:41:59
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29 Jul 15 10:13:06
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K&D Trader
29 Jul 15 09:24:01
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Leo Kolivakis
29 Jul 15 09:21:16
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Stocks Pastor
29 Jul 15 07:08:50
Next support for $IDRA $3.40-$3.50
Stocks Pastor
29 Jul 15 06:40:35
$PG, $CALA $IDRA
deafdaytrader
29 Jul 15 06:22:34
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Wall Street
29 Jul 15 06:21:12
The Penny Stock Superstar team voted #1 OTC trading group. http://t.co/cQ0lLTokka Related: $MARA $AINV $IDRA $NTRR $PQ
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29 Jul 15 06:08:39
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Wall Street
29 Jul 15 05:44:31
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HonestTrade
29 Jul 15 05:05:38
RT @Super1NYC: Premarket Top % Gainers: $IDRA 19%, $SALT 10%, $GALE 8%, $CHAU 6.2%, $CETV 4.9%, $CANF 4.6%, $CTXS 4.5%, $SVU, $UGAZ $ARIA $…
deafdaytrader
29 Jul 15 05:00:55
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Ace
29 Jul 15 04:44:35
Premarket Top % Gainers: $IDRA 19%, $SALT 10%, $GALE 8%, $CHAU 6.2%, $CETV 4.9%, $CANF 4.6%, $CTXS 4.5%, $SVU, $UGAZ $ARIA $GILD $RUSL $ASHR
Ace
29 Jul 15 04:05:24
Premarket Top % Gainers: $IDRA 19%, $CHAU 6.98%, $CETV 4.9%, $GILD 4.4%, $SVU 4.4%, $UGAZ 4.3%, $RUSL 4.1%, $ASHR 3.3%, $AMDA 2.7%, $FEYE 2%
Trader Afrique
29 Jul 15 03:50:08
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StockenheimerSchmidt
29 Jul 15 02:39:35
Huge Gains On Stock Picks, Plus A Major Announcment: http://t.co/L7DCrvU4Ev $QCOR $FCEL $IDRA
Michael Cook
29 Jul 15 00:54:14
Our Stock Alerts Gained Over 550% This Month Already! See Our Huge New Pick Coming This Week: http://t.co/abs4Q0wdoH $QCOR $FCEL $IDRA
Paul Henry
29 Jul 15 00:53:28
Our Penny Stock Picks Have Gained 3,600% In 10 Months! Get Early Access To Our Next Pick: http://t.co/xXdYdpAiFK $QCOR $FCEL $IDRA
Michael James
29 Jul 15 00:52:49
After A MASSIVE 525% Gain On $GEQU, We Have A New Pick Ready! Special Update: http://t.co/wFGuoX67mX $QCOR $FCEL $IDRA
StockenheimerSchmidt
28 Jul 15 23:34:21
Huge Gains On Stock Picks, Plus A Major Announcment: http://t.co/L7DCrwbFw3 $QCOR $FCEL $IDRA
Robert Desmond
28 Jul 15 20:55:08
{video} Stock Chart Analysis $AMJ $IDRA $NEM $ERX $ALK $GILD $JLL $CAT $INTC $HTZ http://t.co/arqPygt9cx
StockenheimerSchmidt
28 Jul 15 20:30:53
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DennyT
28 Jul 15 19:38:05
IDRA Intel Corp. Day High http://t.co/Wh976tmeO3 $IDRA $QLD $VXX $AAPL #IDRA #tradeideas #investing
Rosner Stocks
28 Jul 15 19:35:03
DYAX Electronic Arts, Inc. Quotes http://t.co/spaOzBcY02 $DYAX $IDRA $BAC $SWKS #DYAX #tradeideas #nasdaq
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28 Jul 15 19:34:02
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Options Answers
28 Jul 15 19:22:48
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binaryoptionsocial
28 Jul 15 19:15:46
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binaryoptionsocial
28 Jul 15 19:11:43
$IDRA active, relative volume: 9.0, 1H, 10:00 PM, #nasdaq http://t.co/Csk7miIhta
Alpha Maven Alerts
28 Jul 15 19:01:43
$IDRA active, relative volume: 9.0, 1H, 10:00 PM, #nasdaq
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28 Jul 15 18:45:27
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28 Jul 15 18:45:20
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28 Jul 15 18:45:17
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28 Jul 15 18:44:07
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Stock_Tracker
28 Jul 15 18:42:38
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28 Jul 15 18:41:09
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Investors Hangout
28 Jul 15 18:40:06
IDRA Idera Pharmaceuticals, Inc. Volume http://t.co/09kQIvvjZ6 $IDRA $BBRY $EROS $BLTA #IDRA #invest #stock
clayton
28 Jul 15 18:39:37
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IH NASDAQ OMX
28 Jul 15 18:39:36
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Investors Hangout
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IH NASDAQ OMX
28 Jul 15 18:39:17
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Investors Hangout
28 Jul 15 18:39:14
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Investors Hangout
28 Jul 15 18:39:13
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By  +Follow March 24, 2014 3:09AM
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