Idera Pharmaceuticals Inc. (NASDAQ:IDRA) Stock Continues to Consolidates After The Recent Fall

Idera Pharmaceuticals Inc. (NASDAQ:IDRA) is in a range after announcing financial and operational results for Q3 2021.

Trading Data

On Monday, IDRA stock moved up 1.60% at $0.8626 with more than 297K shares, compared to its average volume of 471K shares. The stock has moved within a range of $0.8500 – 0.8900 after opening the trade at $0.8510.

Reports Third Quarter 2021 Financial Results and Provides Corporate Update

The company’s CEO Vincent Milano said they are focusing on identifying new commercial stage and development assets for the company’s portfolio and they are encouraged by the opportunities so far presented. Milano said that with the number of prospects advancing, the company continues to preserve cash, and they are optimistic about the future potential of the assets. The CEO added they continue to conduct studies in microsatellite-stable colorectal cancer patients (ILLUMINATE-206). In addition, the company, in partnership with AbbVie, is also working in head and neck squamous cell carcinoma patients.

The company will share findings from the second phase of ILLUMINATE-206 that involves a tilsotomolid combination with ipilimumab and nivolumab by the end of 2021. The company had 36.6 million in cash at the end of September 30, 2021. The company had a net loss of $6 million or $0.11 per basic share in the quarter ending September 30, 2021. IDRA is worth watching in the coming weeks.

Key Quote

“We are maintaining our focus on identifying new development or commercial-stage assets for Idera’s portfolio and we are encouraged by the opportunities presented to us,” stated Vincent Milano, Idera’s Chief Executive Officer. “As a number of these prospects advance and as we continue to preserve cash, we remain optimistic in Idera’s future potential.”

Technical Data

IDRA stock is trading below the 20-Day and 50-Day Moving averages of $0.90 and $0.98 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.83. The stock is down 19% in the past 3-month.