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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
Vera Bootman
27 Aug 15 10:18:11
http://t.co/Urcc0AKMJE IN PLAY: $MITL $LOCK $HK $HOV $FARE $FNMA $GTHP $IDRA $AXXE $BBVA $NG $EXMT $CENX $HCBK http://t.co/bGRN1JKILv
Fulvio Butera
27 Aug 15 09:55:11
RT @SheffStation: $IDRA..$2.91 great move here on solid volume! Hope to see $3 by end of the day.
Gina Albertson
27 Aug 15 09:09:08
$IDRA is on the move! MAKING HIGHER HIGHS!!!
Profit Locker
27 Aug 15 08:09:20
$IDRA big bounce off lows past few days, oversold by market panic along with selling finally stopped, was a pig seller in there before
Sheff
27 Aug 15 08:08:14
$IDRA..$2.91 great move here on solid volume! Hope to see $3 by end of the day.
Jstockbrokers
27 Aug 15 08:02:26
$IDRA MOVE http://t.co/RsTCDPfKHL
School of Trading
27 Aug 15 07:41:34
How Much Money Do I Need To Trade Stocks? https://t.co/X3Dz3e6CZQ via @YouTube #Trading #Stocks #PennyStocks #Success #Money $AAPL $FB $IDRA
danrocks
27 Aug 15 07:38:53
Right now IDRA is number 27 for the largest percentage gain out of 250 stocks. $IDRA IDRA is up +17.28% in the http://t.co/ZWhirCg2gb
InvestNbios
27 Aug 15 07:19:45
Planning a double on $idra... https://t.co/ulDD4SP7EJ
Options Answers
27 Aug 15 07:07:47
RT @TradingSchool4U: http://t.co/BJdYVkQ7gP $1,974 profit in $IDRA Great watch-list reversal play #Trading #Stocks
School of Trading
27 Aug 15 07:06:21
http://t.co/BJdYVkQ7gP $1,974 profit in $IDRA Great watch-list reversal play #Trading #Stocks
Sheff
27 Aug 15 07:01:10
Piper analyst Edward Tenthoff identified key names in biotech $VRTX, $NVAX, $ALNY, $ARWR, $GNCA, $IDRA w/key important 2nd half catalysts.
brian sweetheart
27 Aug 15 06:10:48
Voted top trading group. http://t.co/5eVXN8RJLp Related: $SID $THNS $PGH $PSID $RSHCQ $IDRA $GPL
Greg David
27 Aug 15 06:03:48
http://t.co/APzP66vnr4 IN PLAY: $MITL $LOCK $HK $HOV $FARE $FNMA $GTHP $IDRA $AXXE $BBVA $NG $EXMT $CENX $HCBK http://t.co/O4bHuNDL1e
BreakingStocksNews
27 Aug 15 05:09:05
$IDRA $ONTY: Biotech Stocks that your portfolio will love: Idera Pharmaceuticals Inc …: http://t.co/7kmetjuy1c
Stock_Tracker
27 Aug 15 04:46:37
TBT ProShares UltraShort 20+ Year Treasury Investor Opinions http://t.co/nYuqyJLhOZ $TBT $XLI $DHI $IDRA #TBT #stocks #stocks
Stock_Tracker
27 Aug 15 04:41:08
IDRA Idera Pharmaceuticals, Inc. Short Sales http://t.co/BRs5b9Vwqk $IDRA $UVXY $AAPL $URTY #IDRA #nasdaq #pennystocks
leahanne
27 Aug 15 04:37:05
EWJ Japan iShares Company Info http://t.co/7XvrJibSDD $EWJ $NUGT $FXA $IDRA #EWJ #stock #stocks
Paul Henry
27 Aug 15 04:35:53
We Sent A SECRET New Penny Stock Pick To Our Platinum Members! Get Exclusive Special Access: http://t.co/sJCFystTVz $QCOR $FCEL $IDRA
Michael James
27 Aug 15 04:28:19
Subscribers Saw A 525% Gain On $GEQU & A SECRET New Pick Is Out! See The Private Info: http://t.co/RzgF9M02nG $QCOR $FCEL $IDRA
Michael Cook
27 Aug 15 04:26:55
After 3,000% Gains In The Past Year, We Have A Major New Pick Out! Big Update: http://t.co/QTGaTmzV8y $QCOR $FCEL $IDRA
12Stocks.com
27 Aug 15 03:03:42
Weekly Smallcap #Stocks Performance $ISRL $RTK $BIOS $CZR $LXRX $EGRX $XCO $LJPC $CYBX $IDRA $NTK $TECD more@ http://t.co/Giravo3fg9
Mr.3Deeprint
27 Aug 15 02:40:46
RT @deafdaytrader: $IDRA nice and might run more
Dave
26 Aug 15 22:15:40
http://t.co/L46QQZciCc IN PLAY: $MITL $LOCK $HK $HOV $FARE $FNMA $GTHP $IDRA $AXXE $BBVA $NG $EXMT $CENX $HCBK http://t.co/ZNmRG3FVmE
Cynthia Chandter
26 Aug 15 19:27:13
RT @StocksThatDoubl: http://t.co/uAcamNRUPt alerted $AQXP +1819% MUST SEE Track Record http://t.co/zHAvlEkA1M $CLTX $CCIH $GIG $IDRA $KEG
Jake13
26 Aug 15 17:49:08
XLE Energy Select Sector SPDR Financials http://t.co/3QYoswaDpl $XLE $BIB $SMN $IDRA #XLE #nasdaq #investing
jim50
26 Aug 15 17:46:04
SKX Skechers Usa, Inc. Volume http://t.co/uK3HfcB6PG $SKX $XLP $CLF $IDRA #SKX #stocks #stocks
lookn4wins
26 Aug 15 17:40:32
IDRA Idera Pharmaceuticals, Inc. Stock Message Board http://t.co/LUQXzTavF1 $IDRA $AVXL $IWM $EWH #IDRA #stocks #tradeideas
Emylers
26 Aug 15 17:38:02
FB Facebook, Inc. Market Cap http://t.co/VfUt6oNtbX $FB $GPRO $EWJ $IDRA #FB #finance #tradeideas
Paul Henry
26 Aug 15 14:13:31
We Sent A SECRET New Penny Stock Pick To Our Platinum Members! Get Exclusive Special Access: http://t.co/sJCFysLuN7 $QCOR $FCEL $IDRA
Michael James
26 Aug 15 14:12:05
Subscribers Saw A 525% Gain On $GEQU & A SECRET New Pick Is Out! See The Private Info: http://t.co/RzgF9MhDfe $QCOR $FCEL $IDRA
Michael Cook
26 Aug 15 14:11:14
After 3,000% Gains In The Past Year, We Have A Major New Pick Out! Big Update: http://t.co/QTGaTmzV8y $QCOR $FCEL $IDRA
deafdaytrader
26 Aug 15 13:44:41
$IDRA nice and might run more
Zona Harrison
26 Aug 15 13:27:08
stitomec81 : RT Jake132013: V Visa Inc. Ideas http://t.co/PAB10AuYDj $V $LNKD $IDRA $UG… http://t.co/enBfdnBZUI) http://t.co/CtduSZtOza
StockSpotter
26 Aug 15 12:59:36
$IDRA up 1.5% to 2.73 possible bullish reversal? #stocks #options #trading http://t.co/f9ecHzc1qk
US_proptrader
26 Aug 15 12:59:32
$BLUE $CHK $ESI $EXEL $ICPT $IDRA $NVAX $PGNX $SRNE autocharts @ http://t.co/f6cpQoVS67
US_proptrader
26 Aug 15 12:28:32
$ACOR $ARNA $CYTR $HMSY $IDRA $NWBO $PBR $PGNX $TGTX autocharts @ http://t.co/f6cpQoVS67
US_proptrader
26 Aug 15 11:40:32
$ATML $FEYE $FLEX $IDRA $MRVL $NAVI $NKTR $PGNX $SRPT autocharts @ http://t.co/f6cpQoVS67
Alma Dowman
26 Aug 15 11:09:18
@aemmezeta wassup! $IDRA e $ARRY sono i primi che mi vengono in mente...
PaddyTheLeprechaun
26 Aug 15 10:47:09
RT @TheBio_Hunter: OT: Sheff... Good fe $QURE $APRI $RXII $NVIV $CEMP $MRNS $ITCI $BITI $KITE $BLUE $TTHI $IMNP $TGTX $IDRA $SYN $MACK ht…
Sheff
26 Aug 15 10:45:07
RT @TheBio_Hunter: OT: Sheff... Good fe $QURE $APRI $RXII $NVIV $CEMP $MRNS $ITCI $BITI $KITE $BLUE $TTHI $IMNP $TGTX $IDRA $SYN $MACK ht…
Daily Contracts
26 Aug 15 10:03:01
Real-Time feed of company contracts, original agreements and executive updates from $IDRA http://t.co/eSs9DV89f0
BioHunter
26 Aug 15 09:43:24
OT: Sheff... Good fe $QURE $APRI $RXII $NVIV $CEMP $MRNS $ITCI $BITI $KITE $BLUE $TTHI $IMNP $TGTX $IDRA $SYN $MACK http://t.co/xgWDKXgdP9
ProVesting
26 Aug 15 08:06:02
$IDRA: Biotech Stocks Buzz: RXi Pharmaceuticals Corp (RXII), Idera …: http://t.co/78ZVhhEcml
Investors Analytics
26 Aug 15 07:58:07
8/26 - 9/1: We've got $IDRA going down with 94% confidence: http://t.co/0VXQRm9Pk1 #daytrading #stocks #stockmarket http://t.co/a2VmENx00y
danrocks
26 Aug 15 07:37:50
Right now IDRA is number 27 for the largest percentage gain out of 50 stocks. $IDRA IDRA is up +4.31% in the l http://t.co/j1sfGK5tMZ
Jstockbrokers
26 Aug 15 07:19:52
$IDRA ready http://t.co/w12BBlWieb
Dave
26 Aug 15 07:14:37
http://t.co/L46QQZciCc IN PLAY: $MITL $LOCK $HK $HOV $FARE $FNMA $GTHP $IDRA $AXXE $BBVA $NG $EXMT $CENX $HCBK http://t.co/o9kwCXqJhj
Alexander Morris
26 Aug 15 06:30:57
$IDRA: Exc 1DyHIGH=2.75, hits:1, ch:+3.0%, 0phNearHi, AtPivR1, 2:3Accel+, tf:0111111, medFlt:110M, HiPctSht[25%:12d], DyVol:24T:0x:0x
il falso guaritore
26 Aug 15 06:07:27
@aemmezeta wassup! $IDRA e $ARRY sono i primi che mi vengono in mente...
				
				
By  +Follow March 24, 2014 3:09AM
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