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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
Zen-Trade
22 Dec 14 05:42:48
Stocks up more 30% in month. $AGEN $APP $AT $ARRY $CERS $CCXI $BIRT $LAYN $QNST $SRNE $TRXC $NAVB $IDRA
Stockaholics
22 Dec 14 04:23:50
After 285% Gain on $STTK in 5 days, A New Penny Stock Pick Is Coming Today! Get it early: http://t.co/tgDaMrXAvx $QCOR $FCEL $IDRA
Scott Elliott
22 Dec 14 02:33:31
Watchlist 12/22, $OVAS $ESPR $INFN $TUBE $TGTX $AAVL $CLDX $FB $KITE $SWIR $XPO $FRSH $LE $WIFI $IDRA
Stockaholics
22 Dec 14 00:22:46
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Stockaholics
21 Dec 14 20:05:04
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Stockaholics
21 Dec 14 14:48:17
Platinum Memberships Rose, After 528% Gains On Penny Stocks, In One Month! Big Update: http://t.co/2W3yKD2d5Q $QCOR $FCEL $IDRA
Stockaholics
20 Dec 14 17:43:36
Platinum Memberships Rose, After 528% Gains On Penny Stocks, In One Month! Big Update: http://t.co/2W3yKD2d5Q $QCOR $FCEL $IDRA
Stockaholics
20 Dec 14 13:43:00
Platinum Memberships Rose, After 528% Gains On Penny Stocks, In One Month! Big Update: http://t.co/2W3yKD2d5Q $QCOR $FCEL $IDRA
Stockaholics
20 Dec 14 00:10:16
Platinum Memberships Rose, After 528% Gains On Penny Stocks, In One Month! Big Update: http://t.co/2W3yKD2d5Q $QCOR $FCEL $IDRA
Stockaholics
19 Dec 14 16:13:45
Platinum Memberships Rose, After 528% Gains On Penny Stocks, In One Month! Big Update: http://t.co/2W3yKD2d5Q $QCOR $FCEL $IDRA
Mark Kolodziej
19 Dec 14 15:20:21
Updated list with after market info http://t.co/DPpZIlgOJw $EGHT $IDRA $FMD $TRXC $SIMG $CHNR $ALU $KGC $KEG $APP $CDE $BAS
Market Intelligence
19 Dec 14 12:25:18
MACD Set Ups $ACAD $IDRA $ARIA and some others http://t.co/d4irxzVTYp Shorts are covering into early 2015 Merger Mania Again
Daily Contracts
19 Dec 14 11:44:01
Real-Time feed of company contracts, original agreements and executive updates from Idera Pharmaceuticals $IDRA http://t.co/eSs9DVYWDc
Penny Stock Secret
19 Dec 14 10:17:31
Make Money With BitCoin Every Single Day More Info Here http://t.co/SVqoMlijqL .. $QCOR $FCEL $IDRA
TBlind
19 Dec 14 09:36:50
$IDRA Ahem, let me rephrase that--About to rediscover green?
Stockaholics
19 Dec 14 09:33:24
Platinum Memberships Rose, After 528% Gains On Penny Stocks, In One Month! Big Update: http://t.co/2W3yKD2d5Q $QCOR $FCEL $IDRA
Randal Anderson
19 Dec 14 09:29:55
$onty $aapl $cris $idra some nurce medium-long holds
TBlind
19 Dec 14 08:56:02
$IDRA about to rediscover green.
koreaninvestor
19 Dec 14 08:46:30
$IDRA - http://t.co/jST0yAQICm http://t.co/eHbtNRQsD6 #stockcharts
justamoneymatter
19 Dec 14 07:13:25
$idra trying from watchlist http://t.co/NEUi727ruL
ProTradersNews
19 Dec 14 06:44:02
$CEMP $IDRA $NLNK: Hot Stocks Alert: NewLink Genetics Corporation (NASDAQ:NLNK ... http://t.co/B7pkuaiOWi http://t.co/78STnFSTGp
Scott Elliott
19 Dec 14 03:26:45
Watchlist 12/19 $INFN $CLDX $OVAS $FRSH $AMAG $PLNR $SMCI $PLAY $CYBR $SWIR $LE $BABA $SRNE $IDRA
Javier Sanmartin
18 Dec 14 22:42:02
@santisoliveres Rockets fan? Este año estas de enhorabuena! Por cierto, $IDRA un 17% up desde martes. Al final se me escapa...😃😃
OhNo5000Bees!
18 Dec 14 20:03:08
Fri watch: Momo: $EGHT, $GRPN, $IDRA, $COOL, $KEG, $FMD, $TRXC Chart: $AGEN, $INFN, $BCOV, $IRET, $EXAR, $CENT, $LAYN, $ZIOP, $ZQK, $ARAY
foolsgold
18 Dec 14 19:29:54
Watching 12/19 $ALIM $ARAY $BDR $CNDO $IDRA $LEE $PPP $RIC $SONS $XCO $ZQK
Mark Kolodziej
18 Dec 14 17:31:20
New list for Friday. I won't get to play :( $EGHT $IDRA $FMD $TRXC $SIMG $CHNR $ALU $KGC $KEG $APP $CDE http://t.co/DPpZIlgOJw
HotKeyTrading
18 Dec 14 15:30:06
Insiders Selling: $BNFT $ZUMZ $WCG $ESL $DMND $BEAV $BURL $DSS $SHW $BKS $NCS $IDRA $APA $RAS $CROX http://t.co/Vv2VEnpBuv #spy #nyse #mkt
BioBounce.com
18 Dec 14 13:31:10
Momentums Watchlist Updated! $PTLA $IDRA http://t.co/tXf4WGyEwY
Ariel Silahian
18 Dec 14 13:03:37
Algorithmic trading CLOSING Dec/18 $COV(5.9 %) $DISH(-3.0 %) $ACT(-1.1 %) $NSAM(5.4 %) $SBGI(7.6 %) $TRV(1.3 %) $CNI(-5.2 %) $IDRA(4.6 %)
US_proptrader
18 Dec 14 12:38:28
$AG $AU $CONN $IAG $IDRA $KGC $KING $NG $OAS autocharts @ http://t.co/rTnYb8yj59
Time=Best Stock
18 Dec 14 11:01:20
RT @SleemStockPicks: Grabbed $IDRA for a possible gap up
Faris Sleem
18 Dec 14 11:00:22
Grabbed $IDRA for a possible gap up
US_proptrader
18 Dec 14 10:48:27
$AKS $CONN $GRPN $HOV $IDRA $JBLU $PAAS $RUSS $SSRI autocharts @ http://t.co/rTnYb8yj59
US_proptrader
18 Dec 14 10:29:26
$APP $CONN $HZNP $IDRA $LPI $NYNY $OPK $OVAS $RUSS autocharts @ http://t.co/rTnYb8yj59
MoneyEmpire
18 Dec 14 10:19:47
@MONEYEMPIRE $IDRA 7%
vaheelfan
18 Dec 14 09:55:15
$idra looking good
MoneyEmpire
18 Dec 14 09:34:17
$IDRA :))
WaterMartyr
18 Dec 14 08:52:09
Tracking $IDRA, $NSPH, $SPY, & $UCO while #editing #BurningWater & #leading #nonprofit beginnings -> #EducationForTheFortunateWaterForAll
Mr. Drummond
18 Dec 14 08:35:33
$IDRA I'm telling you, this stock has an aversion to the 3's.
Bio Stocks™
18 Dec 14 08:21:37
$IDRA Director Sells 100000 Shares http://t.co/w1lVJ9xCHz
stockjock101
18 Dec 14 08:03:24
$IDRA, BREAKS 4.00 , alert went off long now ...
US_proptrader
18 Dec 14 08:01:40
$IDRA Piper Jaffray calls Idera Pharmaceuticals Inc a top small cap pick for 2015 and reiterates an (cont) http://t.co/InoVzupN0Y
alan caldwell
18 Dec 14 07:59:14
$BBRY $NQ $IDRA $ACAD the love continues.
Ticker Report
18 Dec 14 07:57:39
Idera Pharmaceuticals Director Youssef El Zein Sells 100,000 Shares $IDRA http://t.co/9S80A295NG
Daily Contracts
18 Dec 14 07:57:01
Real-Time feed of company contracts, original agreements and executive updates from Idera Pharmaceuticals $IDRA http://t.co/eSs9DVYWDc
Leo Kolivakis
18 Dec 14 07:55:54
@szaman What do you trade this illiquid Chinese crap? Do yourself a favor and jump on the $IDRA and $PGNX Express while you still can. :)
Spreadburn
18 Dec 14 07:03:19
$IDRA $NLNK strong start into the day...
Steve
18 Dec 14 07:01:38
Table is set. $IDRA http://t.co/R62aZcfOl3
Trader
18 Dec 14 06:58:57
$IDRA looking good
WaterMartyr
18 Dec 14 06:37:17
$IDRA back above $4.00 from the back test. Should move much higher.
				
				
By  +Follow March 24, 2014 3:09AM
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