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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
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!!!
Techno Analyst
17 Oct 14 06:32:41
$IDRA up 2.55% at open making a move toward $3s+ analyst target $7 this one is coming off the bottom!
Timothy C. Bohen
17 Oct 14 05:13:04
Watchlist 10-17-2014 - $IBIO, $AHPI, $VSR, $OSUR, $ACI, $ANR, $IDRA, $CALI http://t.co/OBcnT6GfBY
Stockaholics
17 Oct 14 01:22:57
Platinum Penny Stock Picks Gained 125% last week! New Pick Coming Today! Check It Out: http://t.co/7gQJ2ZCjuq $QCOR $FCEL $IDRA
Stockaholics
16 Oct 14 21:41:17
Platinum Penny Stock Picks Gained 125% last week! New Pick Coming Today! Check It Out: http://t.co/7gQJ2ZCjuq $QCOR $FCEL $IDRA
Stockaholics
16 Oct 14 18:24:31
ABPI Gained 1,587.50% In 3 days! Big News: http://t.co/7gQJ2ZCjuq $QCOR $FCEL $IDRA
				
				
By  +Follow March 24, 2014 3:09AM
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