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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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31 Oct 14 03:20:33
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JMS
30 Oct 14 21:47:48
RT @BosBizDon: After 20 years, Idera Pharmaceuticals is enjoying a 2nd startup phase of sorts #biotech $IDRA #Cancer http://t.co/43VAk8zz8c
Small Cap Strategist
30 Oct 14 18:47:59
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Stockaholics
30 Oct 14 16:41:17
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30 Oct 14 11:52:56
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Daily Contracts
30 Oct 14 08:44:02
Real-Time feed of company contracts, original agreements and executive updates from Idera Pharmaceuticals $IDRA http://t.co/eSs9DV89f0
TurboResearch
30 Oct 14 08:43:51
$IDRA I'm back in this name for a swing trade as it broke past $2.5 resistance. Avg $2.6, looking for $3. Stop $2.4 area.
Crazy kid
30 Oct 14 08:26:26
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NJ Giants
30 Oct 14 07:49:46
$IDRA, jumped out 1/2 at 2.50...worth getting back before news tomm?
Stockaholics
30 Oct 14 01:29:43
VIICQ Closed up 75% Yesterday! Special Update: http://t.co/8A33lxh1RR $QCOR $FCEL $IDRA
Stockaholics
29 Oct 14 17:33:02
$MLCG closed up 166.67% today! Huge News: http://t.co/JxSMla9Afn $QCOR $FCEL $IDRA
Anupam Tewari
29 Oct 14 17:06:43
RT @BosBizDon: After 20 years, Idera Pharmaceuticals is enjoying a 2nd startup phase of sorts #biotech $IDRA #Cancer http://t.co/43VAk8zz8c
MAISA
29 Oct 14 15:50:35
$IDRA will host a conference call and live audio webcast at 8:00 a.m. EST on Friday, November 7, 2014
TravelingFam4
29 Oct 14 14:52:35
RT @BosBizDon: After 20 years, Idera Pharmaceuticals is enjoying a 2nd startup phase of sorts #biotech $IDRA #Cancer http://t.co/43VAk8zz8c
Jennifer Angela
29 Oct 14 14:47:10
RT @BosBizDon: After 20 years, Idera Pharmaceuticals is enjoying a 2nd startup phase of sorts #biotech $IDRA #Cancer http://t.co/43VAk8zz8c
Don Seiffert
29 Oct 14 14:42:17
After 20 years, Idera Pharmaceuticals is enjoying a 2nd startup phase of sorts #biotech $IDRA #Cancer http://t.co/43VAk8zz8c
Stockaholics
29 Oct 14 13:36:20
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BV Healthcare
29 Oct 14 13:32:02
$IDRA Idera Pharmaceuticals to Announce Third Quarter 2014 Financial Results and Corporate Update on N.. http://t.co/MybmrLu9v0
MAISA
29 Oct 14 13:30:34
$IDRA Announce Third Quarter 2014 Financial Results and Corporate Update on November 7, 2014
Big3Bio:Boston
29 Oct 14 13:25:12
RT @BosBizDon: "20 years later, we are on very solid footing." $IDRA http://t.co/Y13Yben5aF via @BostonBizNews
Don Seiffert
29 Oct 14 12:44:05
"20 years later, we are on very solid footing." $IDRA http://t.co/Y13Yben5aF via @BostonBizNews
Don Seiffert
29 Oct 14 10:28:14
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29 Oct 14 09:55:44
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29 Oct 14 02:16:57
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28 Oct 14 20:49:35
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Chayton Falke
28 Oct 14 17:40:02
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Phil Martin
28 Oct 14 17:31:52
$IDRA http://t.co/gb2iAaiiT2
Stockaholics
28 Oct 14 17:02:06
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Scott Thomas
28 Oct 14 15:32:21
@StockPicksNYC My main trading blunder in 2013-2014 was selling $ACHN too early . Other blunder holding $IDRA . I do like $IDRA chart atm
Hasanna Hosanna
28 Oct 14 14:34:22
RT @TravisHoward5: #Nasdaq Top % Biotech Gainers $ALNY $TKMR $TLOG $GALE $CADX $IDRA $IMMY $AGIO $ADXS $CTIC $ONCY $DNDN $NVAX $NE... http:…
Eyang Sukur
28 Oct 14 13:18:34
RT Chayton Falke ChaytonFalke : Top Twenty Recent Exits #20: Sold $IDRA long for a 14.95% gain in 9 days! #trading #IDRA #forex #stocks
Chayton Falke
28 Oct 14 13:15:02
Top Twenty Recent Exits #20: Sold $IDRA long for a 14.95% gain in 9 days! #trading #IDRA #forex #stocks
Trader Pete
28 Oct 14 11:52:43
$IDRA trying to ramp into close, approaching HOD
Deppilf flippeD
28 Oct 14 11:21:04
@mardermarket $idra should be on that list!
Deppilf flippeD
28 Oct 14 11:02:51
if $IDRA can break $2.60 on some volume watch out!
Anderson Greenberg
28 Oct 14 10:19:00
“@PensionPulse: Some Baker Brother biotechs surging today: $ACAD $BCRX $IDRA $PGNX $SGEN $SGYP $XOMA”@gfunco
Scott Thomas
28 Oct 14 09:06:43
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Scott Thomas
28 Oct 14 08:40:14
Perhaps $IDRA will go to $2.97 and then turn back .
Stockaholics
28 Oct 14 08:28:31
After 371% Gains A Major New Penny Stock Pick Is Coming: http://t.co/1aBeBJdWkA $QCOR $FCEL $IDRA
Leo Kolivakis
28 Oct 14 07:42:31
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Chayton Falke
28 Oct 14 07:40:07
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Trader Pete
28 Oct 14 07:37:45
$IDRA on fire since bottoming at 2.00
FonsieTrader
28 Oct 14 07:36:02
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Faisam Trader
28 Oct 14 07:16:08
@FaisamTrader $idra out at $2.63
stt2318
28 Oct 14 07:11:18
$IDRA all time frames... coming off a bottom...
FonsieTrader
28 Oct 14 07:09:02
$IDRA Nice action http://t.co/dct2552ejR
DailyStockPicks
28 Oct 14 05:53:28
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Chayton Falke
28 Oct 14 03:15:01
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Stockaholics
28 Oct 14 00:23:04
After 371% Gains A Major New Penny Stock Pick Is Coming: http://t.co/1aBeBJdWkA $QCOR $FCEL $IDRA
				
				
By  +Follow March 24, 2014 3:09AM
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