IDRA - Why Idera Pharmaceuticals Stock Is Crashing Today
Shares of Idera Pharmaceuticals (NASDAQ: IDRA) were crashing 63.5% at 10:49 a.m. EDT on Friday. The plunge came after the company announced disappointing results Thursday from a late-stage study of tilsotolimod in combination with Bristol Myers Squibb 's Yervoy in treating advanced melanoma.
Idera had hoped that the tilsotolimod-Yervoy combo would sail through its pivotal study. That didn't happen.
The company reported an objective response rate (the percentage of patients with tumor-size reduction of a predefined amount) for patients taking the combo of only 8.8%. Patients receiving Yervoy by itself had an objective response rate of 8.6%.
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Why Idera Pharmaceuticals Stock Is Crashing Today