AFIB - Idera suffers downgrades after trial setback; Kiniksa target upped on FDA win; and more in today's analyst calls

Idera Pharmaceuticals (IDRA) is trading ~62.4% lower in the pre-market after yesterday’s post-market announcement of a setback in a phase 3 trial for Toll-like receptor 9 agonist tilsotolimod as a treatment for anti-PD1 refractory advanced melanoma.Today the analysts from H.C. Wainwright to Wedbush Securities have downgraded the stock on the trial results.Arguing that its revenue projections for the company were mostly comprised of future sales for tilsotolimod, H.C. Wainwright has downgraded Idera to neutral from buy noting such a possibility of future sales as ‘highly unlikely.’On the results of the trial that did not meet the primary endpoint, both JPMorgan and Wedbush Securities have downgraded the stock to neutral.Slashing the price target to $2.00 per share to indicate ~61.6% downside to the precious close, Barclays has also lowered its rating Idera to equal-weight from overweight.Yesterday, Kiniksa Pharma (KNSA) announced the FDA approval for Arcalyst (rilonacept) in recurrent pericarditis.The shares are up ~4.7% in the premarket as Bank of

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Idera suffers downgrades after trial setback; Kiniksa target upped on FDA win; and more in today’s analyst calls