Idera Pharmaceuticals Inc (NASDAQ: IDRA)
Idera Pharmaceuticals had an incredible day in the market on Monday as the result of solid data that was presented over the weekend. The data surrounded the company’s lead candidate IMO-8400. Today, we’ll discuss what we saw from the clinical trial of IMO-8400, how the market reacted to the news and what we can expect to see from IDRA moving forward. So, let’s get right to it…
IDRA Presents Positive Data From IMO-8400
IMO-8400 is Idera Pharmaceutical’s lead candidate and is designed for the treatment of patients with relapsed or refractory Waldenstrom’s macroglobulinemia. The treatment is a Toll-like receptor 7, 8, and 9 antagonist. Recently, IDRA entered into a Phase ½ clinical trial of the treatment in an attempt to assess the safety and tolerability of the treatment. The goal of the trial was also to assess pharmacokinetic and clinical activity in an attempt to define the optimal dose. Defining the dose would lead to further clinical evaltuation of the treatment.
The study showed that not only is IMO-8400 well tolerated at all dose levels studied, it has shown positive clinical activity. This data is the first scientific data that supports the idea that inhibition of the TLR pathway is a potential therapeutic approach for B-cell malignancies, specifically therapeutics for oncogenic mutation. In a statement surrounding the data, the CEO of IDRA, Vincent Milano had the following to say…
“Our clinical trial in Waldenstrom’s Macroglobulinemia represents the first step in our understanding of the potential role that TLR antagonism could play in B-cell malignancies, specifically in those harboring the MYD88-L265P oncogenic mutation which is highly prevalent in Waldenstrom’s Macroglobulinemia. We are pleased that the initial results from this ongoing trial met our objectives in determining safety and tolerability, as well as clinical activity of IMO-8400 in this patient population. We are further encouraged that the safety profile seen to date will enable us to expand this study to evaluate higher dosing levels of IMO-8400.”
How The Market Reacted To The News
Historically, any time we see positive news with regard to a publicly traded company, we can expect to see positivity in the market as a result. That’s exactly what we saw on Monday following the weekend announcement of the IMO-8400 data. By 2:24, IDRA had climbed to $4.20 per share after a gain of $0.40 or 10.66%.
What We Can Expect To See Moving Forward
Moving forward, I have overwhelmingly bullish expectations with regard to what we can expect to see from IDRA. The data provided over the weekend suggests that IMO-8400 is not only a safe treatment to look into, but it seems to be reacting positively with a strong clinical effect on patients it was given to. With that said, I’m expecting to see Phase 1 go off without a hitch. When the Phase 1 study starts, we can expect the news to act as another catalyst which is likely to send the stock soaring. From there, only time will tell how positive the IMO-8400 treatment actually is. However, if the data from the next trial on the treatment is anything like the data we saw over the weekend, we can expect to see long term positivity from the stock.
What Do You Think?
Where do you think IDRA is headed moving forward and why? Let us know your opinion in the comments below!