Idera Pharmaceuticals (IDRA) Stock Pulls Back From The recent rally: Now What?
Not too long ago the Idera Pharmaceuticals (NASDAQ:IDRA) stock had been in the middle of a strong rally but the story has changed in recent days and the stock has actually gone down.
While the price action in the stock may be interesting, it is also important for investors to keep in mind that there have no recent developments around the company in recent days. The last important news surrounding the company was back in April when the company released its financial results for the first fiscal quarter that ended on March 31, 2021.
In the first quarter, the research and development expenses came in at $6.9 million, which was actually much lower than the $9.5 million that Idera had spent on research and development in the prior year period.
On the other hand, general and administrative expenses came in at $3.2 million, which was also lower than the $3.6 million that had been recorded in the prior year period for the same metric. The net income for the period stood at $115.7 million and that reflected a massive jump from the $8.8 million in net income in the prior year period. It now remains to be seen if the stock can make a recovery in the coming days.
Market Reaction:
On Monday, IDRA stock soared 2.63% at $1.11 with more than 863kshares, compared to its average volume of 2.77 million shares. The stock had moved within a range of $1.0800 – 1.1500 after opening the trade at $1.15. Over the past 52-week, the stock has been trading within a range of $0.9700 – 6.1400.
