Idera Pharmaceuticals Inc (NASDAQ: IDRA) is having an overwhelmingly rough start to the trading session this mroning after the company announced top-line data from a Phase 2 clinical trial. Unfortunatley, the trial proved to be a failure, leading to fear among investors and sending the stock spiraling downward. Today, we’ll talk about:
- The clinical results;
- what we’re seeing from IDRA as a result; and
- what we’ll be watching for with regard to the stock ahead.
IDRA Releases Negative Trial Results
As mentioned above, Idera Pharmaceuticals is falling hard in the market this morning after announcing results from a clinical trial. In a press release issued early this morning, the company announced topline results from a Phase 2 clinical trial of IMO-8400 in adult patients with dermatomyositis. During the study, the company was working to assess the efficacy, safety, tolerability, pharmacokinetics, pharmacodynamics, disease-specific autoantibodies and immunogenicity of IMO-8400. The treatment was being assessed among patients with dermatomyositis. Ultimately, IDRA hoped to produce a change from baseline in the Cutaneous Dermatomyositis Disease Area and Severity Index activity score when compared to placebo.
During the study, IDRA enrolled 30 eligible subjects and randomized them into 1 of 3 treatment groups. These treatment groups were provided with weekly injections of 0.6 or 1.8 mg/kg of IMO-8400 or placebo for up to 24 weeks. Unfortunately, the study did not meet its primary endpoint. Therefore, the trial proved to be a failure.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dabble in the market is that the news causes moves. In the case of Idera Pharmaceuticals, the news proved to be overwhelmingly negative. Unfortunately, the company was not able to meet its primary endpoint in the clinical trial and therefore, it is likely to scrap IMO-8400, losing an asset that many investors were expecting to do well. So, it’s no surprise that upset investors are sending the stock down this morning. Of course, our partners at Trade Ideas were the first to alert us to the declines. Currently (8:43), IDRA is trading at $1.68 per share after a loss of $0.25 per share or 12.95% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on IDRA. In particular, we’re interested in following the story surrounding the company’s continued work in the realm of immunotherapy. While IMO-8400 is a bust, it isn’t the only treatment in the pipeline. So, there are further opportunities for the company ahead. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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