Why Are These Stocks Surging Today?

MEI Pharma Inc isn’t the only biotech surging on Monday, as Idera Pharmaceuticals Inc (NASDAQ:IDRA) has rallied by over 8% after the company presented positive data from a Phase 1/2 trial for IMO-8400, Idera Pharmaceuticals Inc (NASDAQ:IDRA)’s investigation drug for the treatment of patients with refractory or relapsed Waldenstrm’s Macroglobulinemia. Data from the trial showed that IMO-8400 was well tolerated and has clinical activity. Given the early stage nature of the trial, additional studies are required, and it will take a while before IMO-8400 comes onto the market if the future studies meet their endpoints.

Last but not least, JetBlue Airways Corporation (NASDAQ:JBLU) shares have rallied over 5% in morning trade due to falling crude prices. After OPEC decided to raise its production quota to 31.5 million barrels per day from the previous 30 million bpd on December 4, more market participants are buying into the ‘lower for longer’ price story for crude. Crude futures are down over 4% today, and lower fuel prices mean lower costs and higher profits for airlines such as JetBlue Airways Corporation (NASDAQ:JBLU).

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