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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
Daily Contracts
29 Aug 14 13:47:02
Real-Time feed of company contracts, original agreements and executive updates from Idera Pharmaceuticals $IDRA http://t.co/eSs9DV89f0
Stockaholics
29 Aug 14 12:08:32
RSII shot up over 100% today! Major Update: http://t.co/GMnQioznZp $QCOR $FCEL $IDRA
Scott Thomas
29 Aug 14 11:43:07
Did I just see 1000 $IDRA $3 C trade at .25 Sorry September $3 C .
FonsieTrader
29 Aug 14 08:10:41
$IDRA Waking up ! 200EMA to test! if break it, well, it can spike very higher http://t.co/SOtkiGR8K9
Market News Desk
29 Aug 14 05:25:40
$IDRA: Idera Pharmaceuticals Inc Earnings Call scheduled for 8:30 am ET today http://t.co/fWSj9a1vSU http://t.co/UI7Uh4j99c
Mr. Drummond
29 Aug 14 03:33:23
$IDRA This thing is coiled and ready to launch. 3+ is a certainty. Maybe not until next week, but soon.
Duke Rexx
28 Aug 14 21:58:32
$IDRA a move thru 3 could push it to 3.5, daily: http://t.co/kIEAR5bBJC
Stockaholics
28 Aug 14 16:27:20
$VIIC ran up 720% Today in an explosive move! Our new picks are coming soon: http://t.co/EdxLh9u5Nx $QCOR $FCEL $IDRA
armando
28 Aug 14 15:53:51
$IDRA chart https://t.co/pwwLMbi5sz via http://t.co/gH6btxpodo
Equities.com
28 Aug 14 13:47:52
Leading Health Care Stock for Small-Cap Stars is Chromadex Corp (CDXC) for August 28 $ARDM $IDRA $HZNP $cur $CDXC http://t.co/b0IIjA3BUw
Business Updates
28 Aug 14 13:25:44
$IDRA: Idera Pharmaceuticals Reports Second Quarter 2014 Financial Results and ... http://t.co/LQdqQ5ZjDb http://t.co/z88QgWvhFP
Stockaholics
28 Aug 14 13:01:47
$VIIC ran up 720% Today in an explosive move! Our new picks are coming soon: http://t.co/86hsEuqG18 $QCOR $FCEL $IDRA
Stockaholics
28 Aug 14 12:44:52
VIIC ran up 720% Today in an explosive move! Our new picks are coming soon: http://t.co/86hsEuqG18 $QCOR $FCEL $IDRA
Daily Contracts
28 Aug 14 11:47:02
Real-Time feed of company contracts, original agreements and executive updates from Idera Pharmaceuticals $IDRA http://t.co/eSs9DV89f0
John Klein
28 Aug 14 06:55:55
RT @WintonOsamu: $IDRA: Idera Pharmaceuticals to Present at the Nucleic Acid Summit 2014 http://t.co/GwDy4R75xa http://t.co/WIDn1UgYjK
John Klein
28 Aug 14 06:55:52
“@WintonOsamu: $IDRA: Idera Pharmaceuticals to Present at the Nucleic Acid Summit 2014 http://t.co/VuUwb8f5DP http://t.co/1uirp499Az”
aziz saba
28 Aug 14 06:55:10
$IDRA $AEZS break out
aziz saba
28 Aug 14 06:48:18
WAtch $IDRA over 2.9
Stockaholics
27 Aug 14 20:15:13
REVI closed up 44.5% today! Special Update: http://t.co/6o15AzsDr3 $QCOR $FCEL $IDRA
Financial Headlines
27 Aug 14 16:25:40
$IDRA: Idera Pharmaceuticals to Present at the Nucleic Acid Summit 2014 http://t.co/GwDy4R75xa http://t.co/WIDn1UgYjK
Scott Thomas
27 Aug 14 16:17:52
@LoveSpringChick No before . $IDRA . A bit of pain .
Chacha Chaudhary
27 Aug 14 16:08:53
@carpetscott ... hope you bot after April. $IDRA Pipeline looks decent..there are some catalyst in 2H of 2014.
Scott Thomas
27 Aug 14 16:03:24
@LoveSpringChick I own some $IDRA . Its personal now ....lol .
Small Cap Strategist
27 Aug 14 15:51:27
Most searched small-cap stocks, Wed Aug 27th - $CTIX $GALE $IDRA $BLDP $ONVO $CPRX $BLUE $MGLY - More: http://t.co/rXjeuoBOGl - #smallcap
Scott Thomas
27 Aug 14 15:48:38
Well to good to be true category ? $IDRA .
DayTrading Power
27 Aug 14 14:28:53
daytraded #stocks : $ACHN $DDD $JCP $IDRA $JRJC $TUBE $JD $SPXU $TKMR $DGLY $WM $LVLT $FOLD $KITE $WSM went 22/29 for +$735. Super tough day
Scott Thomas
27 Aug 14 13:25:59
Yep $IDRA is like a haunting ( fill in the blank)
LT
27 Aug 14 12:50:39
@Couzin_Vinny $COH $IDRA $DWA $XOMA tight ..what ya think Vin?
Business News Now
27 Aug 14 10:25:44
$IDRA: Idera Pharmaceuticals Inc Earnings Call scheduled for 8:30 am ET today http://t.co/UEOv7WHPAY http://t.co/Tu1agEtIWk
Stock Market Monitor
27 Aug 14 09:25:40
$IDRA: Idera Pharmaceuticals Reports Second Quarter 2014 Financial Results and ... http://t.co/Ed6FLPt7q3 http://t.co/YKgVxsu7Gu
Investors Hangout
27 Aug 14 08:51:18
jim50: $IDRA Stock Date=Aug-26-2014 Open=2.7 High=2.91 http://t.co/trHY6KWZnU
Investors Hangout
27 Aug 14 08:51:14
jim50: $IDRA Stock Date=Aug-26-2014 Open=2.7 High=2.91 http://t.co/dS3NgqCHqF
BRENT
27 Aug 14 08:27:17
$idra,$cur,$isr,$eltp,$bcli are all buy or accumulate rated,all are looking to move higher or have begun moving higher
jim50
27 Aug 14 08:22:57
$IDRA Stock Date=Aug-26-2014 Open=2.7 High=2.91 Low=2.68 Close=2.9 Volume=1694200 http://t.co/qXEdoDhzXC
WaterMartyr
27 Aug 14 08:20:36
$IDRA 5 is forming a higher low. Must follow through. #WaterMartyr
leahanne
27 Aug 14 07:36:38
$IYT DJ Transportation Average Ishares (IYT) 151.06 +0.03 (+0.02%) $IDRA $TSLA $SPXS http://t.co/talXSHjoQy
WaterMartyr
27 Aug 14 06:34:29
$IDRA targets short term are $3.04 and $3.24ish.
WaterMartyr
27 Aug 14 06:31:45
$IDRA needs to push hard here.
FonsieTrader
27 Aug 14 04:37:45
Moved Upper Bollinger Band 2/2 $GFI $GWPH $HNT $IDRA $ISIS $ITUB $LULU $MRO $MTZ $PIR $QLIK $RKUS $SPN $TWTR $WTSL http://t.co/BEtD0NqHgQ
FonsieTrader
27 Aug 14 04:33:17
Parabolic Sar Buy Signals 2/2 $IDRA $IGT $ISIS $JDSU $KEG $LPI $NPSP $PES $PTEN $RENN $SD $SGYP $VCRA $XCO $YY $ZGNX http://t.co/HU3cKeiWHE
aziz saba
27 Aug 14 03:53:13
UPstocks daily newsletter was sent $PSTI $IDRA $ALTRI $OGXI $UURE $TKMR $JRJC - check our previous newsletters here http://t.co/Zq9BiPnnZB
aziz saba
27 Aug 14 03:52:27
Small bio-techs are starting to make a move $IDRA $CYTR $OGXI $PSTI http://t.co/Gs9G1oKh94
Stockaholics
27 Aug 14 00:46:33
We are Releasing a SECRET Penny Stock Pick Today! Get it early: https://t.co/pOvMqLbReN $QCOR $FCEL $IDRA
Alpha Maven Alerts
26 Aug 14 22:32:54
$IDRA, Active, Yesterday, SD +3.28, #NASDAQ #HealthCare
Financial Headlines
26 Aug 14 20:25:35
$IDRA: Idera Pharmaceuticals to Host Conference Call and Webcast to Report Second ... http://t.co/6RETQZRjwD http://t.co/KkFY99TSuG
Solar Melt
26 Aug 14 20:20:53
$IDRA Broke above the 50-DMA, the 80-DMA, and price resistance. I'd like to see more volume though.
DayTrading Power
26 Aug 14 19:14:23
Morning day trading scalp candidates: $ISNS $MOBL $JCP $CPRX $KERX $IDRA $ACHN lots of goodies tomorrow :) $JCP is my fav so far.
Penny Stocks Blog
26 Aug 14 18:17:18
RT @ThePUMPTracker: Alert : http://t.co/8hb8QRNBIn announces $IDRA as 8/27/2014 promo.Get the detailed promo alert at http://t.co/5pArIso…
ThePUMPTracker
26 Aug 14 17:54:10
Alert : http://t.co/8hb8QRNBIn announces $IDRA as 8/27/2014 promo.Get the detailed promo alert at http://t.co/5pArIsoEgx #pennystocks
Penny Stocks Blog
26 Aug 14 17:53:22
RT @ThePUMPTracker: Alert : http://t.co/X13fEve3HA announces $IDRA as 8/27/2014 promo.Get the detailed promo alert at http://t.co/5pArIso…
				
				
By  +Follow March 24, 2014 3:09AM
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