IDRA - Idera Pharma rises as insider buys shares

Idera Pharmaceutical (IDRA) has added ~7.6% in the post-market after the company issued a regulatory filing to disclose an insider purchase by Michael Dougherty, the chair of the Board.On a transaction dated June 01, Mr. Dougherty has purchased 85K shares at $1.19 apiece to increase the stake at Idera to ~133.6K shares.The company has lost more than two-thirds of its value in the year so far. Yet the insider selling has not picked up recently.In May, Idera announced its decision to discontinue the Phase 3 ILLUMINATE-301 trial that was evaluating the combination of tilsotolimod and ipilimumab against ipilimumab alone in patients with anti-PD-1 refractory advanced melanoma.The trial setback was followed by the departure of chief medical officer Elizabeth Tarka.

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Idera Pharma rises as insider buys shares