Biotech stock Idera Pharmaceuticals (IDRA) announced that it plans to release an update on clinical data from the ongoing Phase 2 trial of the combination of tilsotolimod and ipilimumab for the treatment of melanoma prior to the opening of markets on Friday, December 14, 2018.
I’m thinking why would IDRA release a PR about the event if the data was bad?
Further, the company plans to do a slide show and conference call after the data release. Why would the company do a slide show and conference call if the data was bad? There wouldn’t be much to discuss if it was poor IMO. I could be wrong though on both accounts.
Institutional ownership is up 12.25% over the previous 3 month period. I’m thinking institutional traders know better than anyone what they are investing in as they often have greater access to company officers than you or I. Again, circumstantial information at best.
We also have four analysts giving the IDRA stock a buy rating over the last few months.
Swayampakula Ramakanth of H.C. Wainwright gives a buy with an $18 price target. Konstantinos Aprilakis of JMP Securities gives a buy rating with a $32 price target. Gena Wang of Barclays gives a buy with a $14 price target. Finally, Anupam Rama of J.P. Morgan gives a buy with a price target of $15. Again, none of this means the data release on Friday is going to be good but I’m thinking all these smart analysts with greater access to the company than you or I know what they are doing. I COULD BE WRONG THOUGH.
I like the setup on IDRA stock. There is reduced volatility while prices have been consolidating. There is a support zone below the current price at $6.08, a stop order could be placed below this zone.
Large players are showing some interest in IDRA over the last couple of days, which is a bullish sign.
If you are a Premium member, you know I took a long position in IDRA ahead of Friday’s pre-market announcement and I will let you know when I sell too.
I am not adding to the long-term portfolios because the catalyst is a short-term Friday data release.