Idera Pharmaceuticals Inc. ($IDRA) recently announced its fourth quarter financial results. The company’s quarterly net income stood at $822,000. On per share basis, it earned $0.01. Idera had suffered net loss in the corresponding quarter of the previous year. Its revenue for the quarter stood at $15.3 million.
For the entire year, the company’s net loss stood at $38.4 million, $0.30 per share. Its revenue for the entire year was reported at $16.2 million. The markets reacted positively to the company’s result announcement as its stock price gained impressive 36 percent in the past 5 five days, taking its Year to Date progress to 66 percent. The stock is currently trading nearly 30 percent lower than its 52 weeks high of $3.33, offering a good opportunity to initiate a position.
Earlier, Idera had announced positive results for its cancer drug candidate, IMO-2125, as combination therapy during early-stage trials. The study showed that the drug was safe for all the evaluated doses, demonstrated early-stage evidence of clinical activity, and generated stable responses in two of the assessed patients of over a year.
The company plans to continue the development and expects to start its Phase 2 study in the near future. It is expected to provide updates about its future path by April.