Home Trending Stocks Why Idera Pharmaceuticals Inc (IDRA) stock plummeted in the after-hours on Tuesday?

Why Idera Pharmaceuticals Inc (IDRA) stock plummeted in the after-hours on Tuesday?

Idera Pharmaceuticals Inc. (IDRA) shares lost 3.77% to trade at $1.02 in the after-market on Tuesday, May 18, 2021. Earlier, IDRA’s stock gained 0.95% to close Tuesday’s session at $1.06. IDRA shares have plunged 41.44% over the last 12 months, and they have moved down only 1.85% in the past week. Over the past three months, the stock has declined 79.22%.

Let’s see what’s going on with Idera Pharmaceuticals?

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Ending the ILLUMINATE-301 trial

On May 18, 2021, Idera Pharmaceuticals, Inc announced to stop the ILLUMINATE-301 trial alone in patients with anti-PD-1 refractory advanced melanoma, to its overall survival (OS) primary endpoint.

Read More

Back On March 18, 2021, Idera Pharmaceuticals reported that the trial did not meet its primary endpoint of objective response rate (ORR). Full results from the study will be presented in a future publication.

Corporate Update

Elizabeth Tarka, M.D., the Company’s Chief Medical Officer since July 2019, will be leaving the Company on May 28, 2021. Dr. Tarka will continue working with Idera on a consulting basis.

Financial result announcement

On April 29, 2021, Idera Pharmaceuticals, Inc reported its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

  • Idera Pharmaceuticals reported a net income of $115.7 million for Q1 2021, compared to a net income of $8.8 million for the same period in 2020.
  • Research and development expenses were $6.9 million in Q1 2021, compared to $9.5 million inQ1 2020.
  • General and administrative expenses for the three months ended March 31, 2021, were $3.2 million compared to $3.6 million for the same period in 2020.
  • Net income applicable to common stockholders was $109.6 million, or $2.66 per basic share in Q1 2021, compared to net income applicable to common stockholders of $8.2 million, or $0.27 per basic share, in Q1 2020.
  • Net loss applicable to common stockholders on a diluted basis, was $10.0 million, or $0.14 per diluted share in Q1 2021, compared to net income applicable to common stockholders of $8.0 million, or $0.22 per diluted share, for the same period in 2020.

Q4 2020 financial results

On March 1, 2021, IDRA reported its financial results for the fourth quarter and the year ended December 31, 2020.

Fourth Quarter Financial highlights

  • IDRA spent $5.1 million in Research and development expenses for the three months ended December 31, 2020, compared to $8.4 million for the same period in 2019
  • General and administrative expenses for the reported quarter totaled $2.9 million compared to $3.4 million for the same period in 2019.
  • The company suffered a net loss of $76.7 million or $2.11 per basic and diluted share for the reported quarter compared to a net loss of $51.3 million, or $1.76 per basic and diluted share, for the same period in 2019.

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Conclusion

The IDRA stock plummeted because the company yesterday announced to stop the ILLUMINATE-301 trial which is a significant development. We can expect that IDRA can further slide down in the coming days.

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