Electra Therapeutics, Inc. (NASDAQ:ETRA) Sees Significant Increase in Short Interest

Electra Therapeutics, Inc. (NASDAQ:ETRA) saw a significant increase in short interest during the month of September. As of September 30th, there was short interest totaling 702,266 shares. Based on an average daily trading volume, of 909,492 shares, the days-to-cover ratio is presently 0.8 days. Approximately 1.1% of the company’s stock are short sold.

Insider Activity at Electra Therapeutics

In other news, Director Orbimed Advisors Llc acquired 1,333,333 shares of the business’s stock in a transaction dated Monday, September 21st. The shares were acquired at an average cost of $15.00 per share, with a total value of $19,999,995.00. Following the completion of the acquisition, the director owned 5,126,891 shares of the company’s stock, valued at approximately $76,903,365. This trade represents a 35.15% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Carl L. Gordon acquired 1,333,333 shares of Electra Therapeutics stock in a transaction dated Monday, September 21st. The stock was purchased at an average price of $15.00 per share, with a total value of $19,999,995.00. Following the completion of the purchase, the director owned 5,126,891 shares of the company’s stock, valued at approximately $76,903,365. The trade was a 35.15% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Wall Street Analyst Weigh In

Several analysts have recently commented on ETRA shares. Cantor Fitzgerald initiated coverage on shares of Electra Therapeutics in a report on Tuesday. They issued an “overweight” rating on the stock. TD Cowen initiated coverage on shares of Electra Therapeutics in a report on Tuesday. They set a “buy” rating for the company. Jefferies Financial Group began coverage on shares of Electra Therapeutics in a research report on Tuesday. They set a “buy” rating and a $32.00 target price for the company. Evercore assumed coverage on shares of Electra Therapeutics in a report on Tuesday. They issued an “outperform” rating and a $36.00 price target on the stock. Finally, Wall Street Zen raised shares of Electra Therapeutics to a “hold” rating in a report on Saturday, September 26th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $34.00.

Electra Therapeutics Price Performance

NASDAQ:ETRA traded down $0.19 during trading hours on Thursday, reaching $8.75. The company had a trading volume of 179,539 shares, compared to its average volume of 572,977. Electra Therapeutics has a 1-year low of $8.50 and a 1-year high of $15.50.

Electra Therapeutics Company Profile

Electra Therapeutics, Inc (NASDAQ: ETRA) is a clinical-stage biopharmaceutical company focused on developing therapies that modulate the immune system. The company’s research is directed toward selectively influencing immune-cell activity to address serious diseases, including cancer and autoimmune conditions.

Electra Therapeutics is advancing a pipeline of investigational medicines based on its immune-cell modulation approach. Its programs are intended to improve the body’s ability to recognize, control, or eliminate disease-associated cells while limiting effects on healthy tissue.