IDRA Stock Price Falls Over 60% Pre-Market: Why It Happened

By Amit Chowdhry ● Mar 19, 2021
  • The stock price of Idera Pharmaceuticals Inc (NASDAQ: IDRA) fell by over 60% pre-market. This is why it happened.

The stock price of Idera Pharmaceuticals Inc (NASDAQ: IDRA) fell by over 60% pre-market. Investors are responding to the company’s pivotal registration trial of tilsotolimod in combination with ipilimumab versus ipilimumab alone in patients with anti-PD-1 refractory advanced melanoma did not meet its primary endpoint of objective response rate (ORR).

Idera is evaluating the next steps regarding continuation of the trial toward its overall survival (OS) endpoint – which includes evaluating the full data set when it is available. And the company also plans to continue its ILLUMINATE-206 Phase 2 study of tilsotolimod in combination with ipilimumab and nivolumab in patients with microsatellite stable colorectal cancer (MSS-CRC).

ILLUMINATE-301 is a randomized, global, multi-center, open label Phase 3 trial comparing the efficacy of 8 mg intratumoral tilsotolimod in combination with 3 mg/kg ipilimumab versus 3 mg/kg ipilimumab alone in 481 patients with anti-PD-1 refractory advanced melanoma. And the trial has a primary endpoint family of ORR per RECIST v1.1 and OS. Although the primary endpoint of ORR was not met, if the study continues and reaches a positive OS outcome, the company would expect to discuss with regulatory authorities a potential path forward in this indication.

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