Here's Why Idera Pharmaceuticals Jumped as Much as 11.5% Today

Here's Why Idera Pharmaceuticals Jumped as Much as 11.5% Today

Shares of clinical-stage biopharma Idera Pharmaceuticals (NASDAQ: IDRA) jumped over 11% today without any company-specific news. Why? The two leading RNA-based genetic medicine companies were making waves and grabbing headlines -- and this tiny biopharma just so happens to be developing a similar therapeutic approach.

To recap, Alnylam Pharmaceuticals reported more details on the phase 3 trial of its lead drug candidate, which appears to be vastly more effective than a drug candidate from Ionis Pharmaceuticals in the same indication.

As of 3:26 p.m. EDT, the stock had settled to a 6.7% gain.

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Source: Fool.com