Idera Pharmaceuticals Inc (NASDAQ: IDRA) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced that it has received Fast Track Designation from the United States Food and Drug Association. Today, we’ll talk about the news, how the stock reacted, and what we’ll be watching for with regard to IDRA ahead.
IDRA Gains On Fast Track Designation
As mentioned above, Idera Pharmaceuticals is having an incredibly strong start to the trading session this morning after the company announced that it has received Fast Track Designation from the United States Food and Drug Administration. The designation surrounds the company’s lead development candidate, IMO-2125, in combination with ipilimumab. The treatment is designed for anti-PD-1 refractory metastatic melanoma.
Of course, the Fast Track Designation is a great thing for IDRA. After all, as a result of the designation, the company will benefit from expedited development and review associated with their treatment. In a statement, Joanna Horobin, M.D., Ch.B, CMO at IDRA, had the following to offer:
“This Fast Track designation represents another positive step for the development of IMO-2125 and is a clear recognition of the serious unmet need that exists for patients who do not benefit from anti-PD-1 therapy… We’re thrilled with the dramatic response rate that has been observed to date so far with IMO-2125 in combination with ipilimumab and are eager to continue enrolling more patients through both the Phase 2 expansion of our ongoing trial and initiating the Phase 3 trial early next year.”
How The Stock Reacted To The News
As investors, one of the first things that we learn is that the news moves the market. Any time positive news is released surrounding a publicly-traded company, we can expect to see gains in the value of the stock. In this particular case, Fast Track designation is big news. So of course, it led to movement. Our partners at Trade Ideas were the first to alert us to the gains. Currently (10:22), IDRA is trading at $2.25 per share after a gain of $0.08 per share (3.69%) 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 ongoing development surrounding IMO-2125, as the information released to date has been overwhelmingly positive. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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