Idera Pharma: Slumps on disappointing cancer trial data, brokerage downgrades

Aceragen

19/03/2021 11:01

** Shares of drug developer  IDRA.O  slump 57.2% to $2.23
premarket
    ** Stock top pct loser across U.S. exchanges, 3rd most
actively traded stock
    ** IDRA's drug candidate tilsotolimod in combination with
Bristol-Myers Squibb's  BMY.N  drug ipilimumab being tested as a
potential treatment for a type of skin cancer did not meet the
main goal of a late-stage trial  urn:newsml:reuters.com:*:nL4N2LG4W3
    ** Two brokerages downgrade stock
    ** J.P. Morgan says the data takes accelerated approval off
the table and points to a challenging path forward
    ** H.C. Wainwright calls the results "significantly worse"
than previous trial and even a positive overall survival result
may not be sufficient to support regulatory approval
    ** Current avg on stock is "buy"; median PT is $7.50-
Refinitiv IBES
    ** Stock up 330.6% in last 12 months

 (Reporting by Trisha Roy in Bengaluru)
 ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 80 6182 3635;))