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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
Dave
28 Apr 15 08:26:34
http://t.co/L46QQZciCc alerted over 10,000% in gains last month. Wowser. $PLUG $AMCN $SQNM $CRK $IDRA $RGSE $BCLI $NIHDQ $ONVO
Olaf Ray Benson
28 Apr 15 07:28:36
RT @PensionPulse: The big unwind in biotechs continues, which offers great opportunities to buy very oversold stocks $BCRX $BLUE $IDRA $JUN…
Mark Trader
28 Apr 15 07:22:36
Interesting new type of penny stock website reviewed at http://t.co/MMUEMgrJVV. Related: $FZRO $MCIG $FMCC $IDRA $VTG $BAA $URRE
Mark Trader
28 Apr 15 07:21:46
Cool trading site I just found. https://t.co/T2poBgnyFu $MCIG $AXXE $BLDP $IDRA $GDP $TRTC $ANR $SFY WRES
Leo Kolivakis
28 Apr 15 07:17:13
The big unwind in biotechs continues, which offers great opportunities to buy very oversold stocks $BCRX $BLUE $IDRA $JUNO $KITE $ISIS $XNPT
Bio Stocks™
28 Apr 15 07:02:46
$IDRA $2's
alwe
28 Apr 15 06:57:34
$IDRA I'll keep buying at this levels great entry
TICKER.tv
28 Apr 15 06:57:05
RT @nicatrades: Going live http://t.co/lObtp3sRX8 some ideas on watch http://t.co/OshPJuVveq $HOV $IDRA $MSFT
Timothy Sullivan
28 Apr 15 06:49:24
I own some $IDRA at $3.40. C'mon, Horsey!
Dave
28 Apr 15 06:48:04
http://t.co/L46QQZciCc alerted over 10,000% in gains last month. Wowser. $PLUG $AMCN $SQNM $CRK $IDRA $RGSE $BCLI $NIHDQ $ONVO
Dave
28 Apr 15 06:32:45
Pro members at http://t.co/L46QQZciCc get alerts early before they make big moves. Related: $ONCY $TRQ $EXTR $XCO $IDRA $LYG
Nica Trades
28 Apr 15 06:18:24
Going live http://t.co/lObtp3sRX8 some ideas on watch http://t.co/OshPJuVveq $HOV $IDRA $MSFT
Trader News Daily
28 Apr 15 06:10:39
Check out http://t.co/PeRPkYu8Uk for some awesome trade ideas. Their 6 pro's are amazing. $WEST $BCCI $APHB $DLCR $AXAS $IDRA $SFY $SOL
BreakingStocksNews
28 Apr 15 06:05:05
$IDRA: Short Interest in Idera Pharmaceuticals Drops By 8.7% (IDRA): http://t.co/5d9G4hXFj6
Mark Trader
27 Apr 15 20:12:49
Cool trading site I just found. https://t.co/T2poBg5XNW $MCIG $AXXE $BLDP $IDRA $GDP $TRTC $ANR $SFY WRES
Dave
27 Apr 15 19:23:24
http://t.co/L46QQZtU0M alerted over 10,000% in gains last month. Wowser. $PLUG $AMCN $SQNM $CRK $IDRA $RGSE $BCLI $NIHDQ $ONVO
Trader News Daily
27 Apr 15 18:33:46
Check out http://t.co/PeRPkYLKiU for some awesome trade ideas. Their 6 pro's are amazing. $WEST $BCCI $APHB $DLCR $AXAS $IDRA $SFY $SOL
Day Traders Group
27 Apr 15 18:29:15
Our High volatility scan http://t.co/B0EK9Rnwu9 $EXEL $IDRA $CLDX $GME #PCLN $AAPL $CRM $BBY $TWTR $SPY $KOS $KORS http://t.co/A63kGM9xPJ
Nica Trades
27 Apr 15 17:53:43
Short ideas $IDRA $DDD $HOV . Long ideas $MSFT $YOKU http://t.co/Mzy0T8lYNn
Mark Trader
27 Apr 15 17:12:44
Cool trading site I just found. https://t.co/T2poBg5XNW $MCIG $AXXE $BLDP $IDRA $GDP $TRTC $ANR $SFY WRES
Stock Rocket
27 Apr 15 17:02:48
Our Stock Pick On $THCZ Is Up 481.54% From Our Initial Release! Major News: http://t.co/bLXWVUwpQ7 $QCOR $FCEL $IDRA
dailystockplays.com
27 Apr 15 16:01:50
Below Bollinger http://t.co/p5xretEwtK $FTR $LOW $CLDX $AMRN $HOT $PVA $TER $WETF $KSS $ARNA $MJN $TMO $WERN $IDRA $NCR $OC $OREX $FLEX
Nica Trades
27 Apr 15 15:23:11
Trades going into Tues Apr 28th $IDRA $YOKU $DDD $HOV $MSFT http://t.co/SiRSAVvm3j
Biotech Supernova
27 Apr 15 15:20:24
RT @DrSManian: my fav >8% down today $ANAC $ATRA $AFMD CEMP $CLVS $FOLD $FPRX $IDRA $JUNO $NBIX $NVRO $OTIC $PTBI $PTX $RCPT $SGMO $TRIV $Z…
S Manian
27 Apr 15 15:15:58
my fav >8% down today $ANAC $ATRA $AFMD CEMP $CLVS $FOLD $FPRX $IDRA $JUNO $NBIX $NVRO $OTIC $PTBI $PTX $RCPT $SGMO $TRIV $ZFGN
Stock Dawgzz
27 Apr 15 14:50:04
Our Penny Stock Picks Gained 1472% In 2 Months! Get Access To Our New Pick: http://t.co/XxqN9Mxu5P $QCOR $FCEL $IDRA
Mark Trader
27 Apr 15 12:48:45
Interesting new type of penny stock website reviewed at http://t.co/MMUEMgJlkv. Related: $FZRO $MCIG $FMCC $IDRA $VTG $BAA $URRE
Emylers
27 Apr 15 12:40:35
IDRA Idera Pharmaceuticals Percent Declines: -7.83% Last: 3.06 Volume: 1,467,593 http://t.co/EjcEtaVfJL $IDRA #share ~
Dan Smithey
27 Apr 15 11:53:06
@srqstockpicker LOL, that is a great goal. BTW, Baker bros. also likes $IDRA, any thoughts?
RB Trader
27 Apr 15 11:09:46
$IDRA..unusual action and repeat buyer on August 3.5 C..3300 trade so far http://t.co/aAR2G3JDmM
Mark Trader
27 Apr 15 10:20:52
Interesting new type of penny stock website reviewed at http://t.co/MMUEMgJlkv. Related: $FZRO $MCIG $FMCC $IDRA $VTG $BAA $URRE
IH News Desk
27 Apr 15 10:03:59
$ICPT stock Day Low Click Here: http://t.co/MTZHTwGfux Also See: $VRNS $IDRA $SAND $GPC #stockmarket #tradeideas ~
alwe
27 Apr 15 09:57:51
$IDRA this is easily 10 to 15% up swing in one day don't buy stock when everyone says buy but buy when it drops for no reason
Daily Contracts
27 Apr 15 09:49:02
Real-Time feed of company contracts, original agreements and executive updates from $IDRA http://t.co/eSs9DVpKDA
Leo Kolivakis
27 Apr 15 09:26:04
@Markdevera92 $IDRA can go back to $2.50, not for feint of heart, too volatile
Leo Kolivakis
27 Apr 15 09:19:40
Short sellers attacking Baker Brothers' small biotech holdings? (keep buying these dips) $ARWR $BCRX $IDRA $PGNX $XNPT
alwe
27 Apr 15 09:03:12
$IDRA reason is no volume great buying opportunity
alwe
27 Apr 15 08:56:06
$IDRA I will buy this dip
Mark devera
27 Apr 15 08:40:43
@PensionPulse you ain't kidding about $idra.. Bought a small position 3 weeks ago.. I am trying to find a bottom
Mark Trader
27 Apr 15 08:37:22
Cool trading site I just found. https://t.co/T2poBg5XNW $MCIG $AXXE $BLDP $IDRA $GDP $TRTC $ANR $SFY WRES
Solar Melt
27 Apr 15 08:33:50
$IDRA Broken below support at the 200-DMA. Next stop $2.99. P1/2 results due in Q4 for IMO-8400 (Waldenstrom's Syndrome). Wait for a bottom.
Jake13
27 Apr 15 08:33:03
$ORLY stock % Change Click Here: http://t.co/fkQtdQ74MK Also See: $TRUE $USB $IDRA $AAPL #stockmarket #tradeideas ~
Mark devera
27 Apr 15 08:27:21
@bkfViking123 hey Byron how do you know if a stock like $idra has bottom after it hit the 200 sma?
alwe
27 Apr 15 08:04:50
"@CzechMagician $IDRA I'm long...but this could go a ways down still here. We could see low 2s" lower 2s? Don't be silly
FinSentS NASDAQ
27 Apr 15 07:33:36
$IDRA:US Idera Pharmaceuticals Short Interest Down 8.7% in April (IDRA) #IDERA PHARMACEUTICALS INC http://t.co/czeLAqdtYw #NASDAQ
Mark Trader
27 Apr 15 06:28:24
Cool trading site I just found. https://t.co/T2poBg5XNW $MCIG $AXXE $BLDP $IDRA $GDP $TRTC $ANR $SFY WRES
Trader News Daily
27 Apr 15 06:14:20
Check out http://t.co/PeRPkYLKiU for some awesome trade ideas. Their 6 pro's are amazing. $WEST $BCCI $APHB $DLCR $AXAS $IDRA $SFY $SOL
Breaking News
27 Apr 15 02:15:03
$IDRA: Short Interest in Idera Pharmaceuticals Drops By 8.7% (IDRA): http://t.co/APvao3pwYH
WKRB News
27 Apr 15 02:12:28
Short Interest in Idera Pharmaceuticals Drops By 8.7% $IDRA http://t.co/IY2t4uaB7L
L'olandese
27 Apr 15 01:43:14
RT @falsoguaritore: Situazione aggiornata a ieri del Portafoglio Biotech USA. Quasi per metà liquido. $ARRY $CRIS $EXEL $FPRX $IDRA $TRIL h…
				
				
By  +Follow March 24, 2014 3:09AM
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