Idera Pharmaceuticals Inc (IDRA - Free Report) announced that the phase II clinical study, evaluating its pipeline candidate, IMO-8400, for dermatomyositis — a rare inflammatory skin disease — fell short of meeting the primary endpoint.
Notably, the primary endpoint of the IMO-8400 study was to demonstrate a statistical significant change from baseline in the Cutaneous Dermatomyositis Disease Area and Severity Index (CDASI) activity score, an outcome measure of skin disease severity, as compared to placebo.
Data from the study showed that in 30 eligible subjects, the mean CDASI activity score was in the severe range across all three treatment groups. This was despite background treatment with immunosuppressive drugs or systemic corticosteroid drugs administered to 17 of 30 patients.
The failure of this mid-stage study induced an almost 9% fall in Idera Pharmaceuticals stock on Tuesday Jun 12. In fact, shares of Idera Pharmaceuticals have decreased 16.6% compared with the industry’s 7% decline so far this year.
We would like to remind investors that earlier this January, Idera Pharmaceuticals entered into a definitive merger agreement with BioCryst Pharmaceuticals (BCRX - Free Report) to focus on the development and commercialization of drugs to treat rare diseases. The deal is expected to close during the second quarter of 2018, subject to stockholders’ approval.
Idera Pharmaceuticals currently carries a Zacks Rank #4 (Sell). Better-ranked stocks in the same sector include CRISPR Therapeutics AG (CRSP - Free Report) and Genomic Health Inc (GHDX - Free Report) , both sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here
CRISPR Therapeutics’ loss per share estimates has been narrowed by 7.8% for 2018 and 9% for 2019 in the last 60 days. The stock has skyrocketed 152.7% year to date.
Genomic Health’s earnings estimates have been revised 46.9% upward for 2018 and 5.6% for 2019 in the past 60 days. The stock has soared 48.2% so far this year.
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