Idera slumps

|About: Idera Pharmaceuticals,... (IDRA)|By:, SA News Editor

Shares of micro cap Idera Pharmaceuticals (IDRA -21.3%) plunged 21% today amidst the biotech sell-off.

The stock was due for a correction after it ran up almost seven-fold from its July 29 break out.

Not helping matters was a bearish report by Summer Street asserting its lead product, IMO-8400, is ineffective.

This was corrected on 03/25/2014 at 04:40 PM. This news item originally contained an incorrect reference to the firm which published the bearish report.