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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
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Techno Analyst
17 Oct 14 12:26:30
$IDRA strong support!!! Holding up nicely!!!
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17 Oct 14 10:00:24
$IDRA huge bids at 2.30s GOING UP!
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17 Oct 14 08:03:59
$IDRA nice dip before then move to the upside looking pretty thin on LEVEL 2...
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17 Oct 14 07:19:26
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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!
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17 Oct 14 05:13:04
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equities.com
16 Oct 14 16:52:42
Idera Pharmaceuticals Inc. (IDRA) Jumps 6.82% on October 16 $IDRA http://t.co/wD5yzsqew8
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16 Oct 14 12:00:43
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16 Oct 14 11:50:26
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16 Oct 14 10:15:20
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16 Oct 14 10:07:54
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Techno Analyst
16 Oct 14 08:09:21
Slow n steady price action on this one $IDRA
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16 Oct 14 07:58:56
$IDRA on radar only $2.32 up 5.45%
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15 Oct 14 19:45:22
Idera Pharmaceuticals : Patent Issued for Use of Inhibitors of Toll-Like Receptors in the Prevention and Tr... http://t.co/5ppHfCN1dg $IDRA
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Techno Analyst
15 Oct 14 09:55:09
$APT $IDRA $SGYP
				
				
By  +Follow March 24, 2014 3:09AM
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