Idera Pharmaceuticals Inc: Hits lowest in over 5-yrs

Aceragen

31/07/2018 19:01

** Drug developer's shares  IDRA.O  falls as much as 20.6
pct to $5.20 - lowest in more than five years
    ** IDRA announced a one-for-eight reverse stock split of its
common stock effective after-market Friday  urn:newsml:reuters.com:*:nNRA6las3m
    ** The stock began trading on split-adjusted basis on Monday
    ** Co says no fractional shares will be issued in connection
with the reverse split
    ** Stockholders who would otherwise be entitled to receive a
fractional share will instead receive a cash payment based on
the closing sales price of IDRA's common stock on July 31
    ** Split reduces number of shares of common stock issued and
outstanding to about 27.2 mln from about 217.4 mln 
    ** More than 706 thousand shares traded, nearly 3x times
their 25-day moving avg
    ** Including Tuesday's drop, stock down 68 pct YTD

 (Reporting by Aakash Jagadeesh Babu in Bengaluru)
 ((Aakash.B@thomsonreuters.com; within the U.S. +16462238780,
outside the U.S. +91 (9447930798; Reuters Messaging:
Aakash.B.thomsonreuters.com@reuters.net))