NEW YORK (TheStreet) -- Shares of Idera Pharmaceuticals  (IDRA) - Get Report soared more than 15% in late afternoon trading on Monday after the FDA granted orphan designation to the company's treatment of Waldenstrom's macroglobulinemia.

Waldenstrom's macroglobulinemia is a cancer of the B lymphocytes, a type of white blood cell, tied to an overproduction of proteins called IgM antibodies in the body.

The stock traded near its opening price of $4.01 for much of the day until approximately 3 p.m., at which time the stock skyrocketed.

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Idera closed up $13.02% to $4.51 on Monday. More than 4.8 million shares changed hands, compared to the average volume of 1,415,580. 

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