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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
JMS
26 Nov 14 18:37:05
RT @carpetscott: I wondering who/whom is buying $IDRA 3.9 m shares traded today . Stock closed around $2.50 last Friday Up all week , clo…
iHangout
26 Nov 14 18:05:34
PoemStone: $IDRA Idera Pharmaceuticals: $IDRA 4-bagger corrected / recovery gap. $3.00 http://t.co/xpT5rGbFLm
Scott Thomas
26 Nov 14 17:48:11
I wondering who/whom is buying $IDRA 3.9 m shares traded today . Stock closed around $2.50 last Friday Up all week , closed at $3 Hmmm
iHangout
26 Nov 14 17:34:47
PoemStone: Coffee Shoppe: $IDRA 4-bagger corrected / recovery gap. $3.00 http://t.co/7xP5PI3H3K
Stockaholics
26 Nov 14 17:28:51
Our Penny Stock Pick On $STTK Is Up 128.57% In 2 Days! Major Update: http://t.co/oR27rFfh2v $QCOR $FCEL $IDRA
equities.com
26 Nov 14 15:02:48
Idera Pharmaceuticals Inc. (IDRA) Jumps 7.14% on November 26 $IDRA http://t.co/73btZyHvtY
equities.com
26 Nov 14 14:02:21
Leading Health Care Stock for Small-Cap Stars is Protalex Inc (PRTX) for November 26 $ANAC $IDRA $AMPE $OCRX $PRTX http://t.co/xeBbgSA3Wu
Chris Sanders
26 Nov 14 13:10:24
RT @FousAlerts: perfect F1 trigger right out of FOUS4x2 DVD on $IDRA. 1 trade pays for the cost. 30% Off now ! http://t.co/tVsLBgltVq http:…
Penny Stock Secret
26 Nov 14 12:34:13
$71,000 in ONE TRADE!! By Follwing Their Signals More Info Here http://t.co/SVqoMlijqL .. $QCOR $FCEL $IDRA
BallsyStocks
26 Nov 14 12:27:47
thinking about holding $idra overnight into friday. will cut losses if it sinks below 2.96
Leo Kolivakis
26 Nov 14 12:20:17
@Profits66 You should be long the following biotech companies: $BCRX $IDRA $PGNX $THLD and $XOMA. ;)
T Abuhasna
26 Nov 14 12:19:23
Idera Pharmaceuticals: A Star In The Making $IDRA http://t.co/4mCPeUgDvr
stt2318
26 Nov 14 11:54:59
$IDRA nice continuation... updated chart http://t.co/Rz625N3q5c
Elias S
26 Nov 14 11:54:58
$IDRA PT $3.09 hit today on final day of trade. Paper win, 20%.
Lucky Jimmy
26 Nov 14 11:30:57
IDRA Stock up +8.57% percent Today $IDRA High is at 3.13 and the Low 2.85 with current volume of 1,265,449. Id http://t.co/z5D8JZbs3d
Lucky Jimmy
26 Nov 14 11:30:36
$IDRA IDRA up +8.57% percent Today $IDRA Stock High is at 3.13 and the Low 2.85 with current volume of 1,265,449. Id http://t.co/XC1DYiPf6a
Solar Melt
26 Nov 14 11:23:19
$IDRA making several presentations at ASH in early DEC. Also my release P2 interim results for IMO-8400 (Waldenstrom's) by end of year.
Mr. Drummond
26 Nov 14 11:18:57
$IDRA Holding 19k shares at $2.65 avg. Sell limit set at $59.
Scott Thomas
26 Nov 14 11:01:27
Best week for $IDRA ( % ) in months Over $3.....with great volume .
AdamSam
26 Nov 14 10:53:20
good gains today in $RGLS $AVNR $FOLD $AEMD $CNDO $EOPN $DARA $IDRA $GPRO $TWTR, like the action in $RPRX and watching $DARA
TV_Trading Ideas
26 Nov 14 10:51:43
IDRA Picking Up Steam $IDRA http://t.co/rhGjiRXn2i
Stocks News&Markets
26 Nov 14 10:45:41
Tim made $7,598 on $RMCP -Check it out! http://t.co/7pvYmYLCfk Learn #howtotrade http://t.co/axK8SMSgo9 $VGGL $UNXL $EOPN $IDRA $HKTV
wsduckk
26 Nov 14 10:37:04
$idra wants more
oo
26 Nov 14 10:31:48
$idra intraday holding, over 3.16 should be interesting
justamoneymatter
26 Nov 14 10:27:51
$IDRA time to go?
Stocks News&Markets
26 Nov 14 10:01:02
lx21 made $52,445 on $ONVO -Check it out! http://t.co/fhhIPiSNxg Learn #howtotrade http://t.co/axK8SMSgo9 $NRX $UNXL $CUB $IDRA $CETV
Elzbieta D Jaworska
26 Nov 14 09:54:12
RT @SeekingAlpha: Idera Pharmaceuticals: A Star In The Making http://t.co/fHz5GwUFcQ $IDRA
Craig V
26 Nov 14 09:50:14
RT @FousAlerts: perfect F1 trigger right out of FOUS4x2 DVD on $IDRA. 1 trade pays for the cost. 30% Off now ! http://t.co/tVsLBgltVq http:…
drronin
26 Nov 14 09:47:11
$IDRA Not usually a cheerleader, but may be good cause in this case. If data on 12/2 is good then $4 by the end of next week likely.
Seeking Alpha
26 Nov 14 09:46:42
Idera Pharmaceuticals: A Star In The Making http://t.co/fHz5GwUFcQ $IDRA
Stephen P Kendal
26 Nov 14 09:46:38
$IDRA #IderaPharmaceuticals #MktCap=$244.23M. Wed-26-Nov. #HighVolBuy=2,326,132. #52WkH/L=$6.87/$1.93. #Price=$3.08⇑+10.0%. #SSML=⇗⇗⇘⇘ #IDRA
leahanne
26 Nov 14 09:36:48
Volume Alert - IDRA 3.03 Idera Pharmaceuticals $IDRA Hit a high today of 3.13 Closing the day 10:30 at 3.03 +0 http://t.co/WpycQwuNGY
leahanne
26 Nov 14 09:36:26
$IDRA Volume Alert - IDRA Stock 3.03 Idera Pharmaceuticals $IDRA Hit a high today of 3.13 Closing the day 10:30 at 3 http://t.co/mhr7hVLU53
BallsyStocks
26 Nov 14 09:33:23
In $idra at 3.10. Looking for EOD breakout
Cameron Fous
26 Nov 14 09:31:22
perfect F1 trigger right out of FOUS4x2 DVD on $IDRA. 1 trade pays for the cost. 30% Off now ! http://t.co/tVsLBgltVq http://t.co/7sPkR76kuJ
Leo Kolivakis
26 Nov 14 09:29:37
@koreaninvestor I loaded up a lot more on $IDRA early in October and still long. This will be the next big biotech company, imho
Rocket Stocks
26 Nov 14 09:15:37
in $IDRA 3.11
Chuck Nubern
26 Nov 14 09:13:43
RT @Burns277: There goes $IDRA told you guys. @ $3.11
Eminatorus
26 Nov 14 09:10:04
RT @THATadamsmith: $IDRA presenting pre-clinical combo data, IMO-2055/ipilimumab ($BMS) 12/2 at AACR, where main sponsor is, wait4it... $BM…
The Street Mentor
26 Nov 14 09:09:17
There goes $IDRA told you guys. @ $3.11
justamoneymatter
26 Nov 14 09:09:15
$IDRA trying
Stock Signaling
26 Nov 14 09:02:20
Movers and Shakers: Making Range Advances: $BEBE $ADI $VNET $AAPL $SONC $BDX $SWKS $NKTR $FB $ATML $IDRA $HCT $UTX $QIHU $LAKE #stock #dow
Rocket Stocks
26 Nov 14 08:50:21
$IDRA on watch
Adam J Smith
26 Nov 14 08:50:13
$IDRA presenting pre-clinical combo data, IMO-2055/ipilimumab ($BMS) 12/2 at AACR, where main sponsor is, wait4it... $BMS.
oo
26 Nov 14 08:45:06
$idra game on
Jo Ellen
26 Nov 14 08:38:34
$IDRA and $PMCS look like the most interesting breakouts with huge upside potential
koreaninvestor
26 Nov 14 08:33:51
@PensionPulse $IDRA just a technical breakout or something more?
oo
26 Nov 14 08:32:25
$idra flagging intraday over 3.06 should be interesting
Daily Contracts
26 Nov 14 08:16:15
Real-Time feed of company contracts, original agreements and executive updates from Idera Pharmaceuticals $IDRA http://t.co/eSs9DVYWDc
Etos Etana
26 Nov 14 08:15:55
RT @iHangout: danrocks: $IDRA Idera Pharmaceuticals: IDRA Stock is number 44 for the largest http://t.co/JUEBD3yv5j
				
				
By  +Follow March 24, 2014 3:09AM
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