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

Electra Therapeutics, Inc. (NASDAQ:ETRA) was the target of a significant drop in short interest in October. As of October 15th, there was short interest totaling 409,380 shares, a drop of 41.7% from the September 30th total of 702,266 shares. Currently, 0.7% of the shares of the stock are sold short. Based on an average daily volume of 516,107 shares, the short-interest ratio is presently 0.8 days.

Electra Therapeutics Price Performance

Shares of NASDAQ:ETRA traded down $0.54 during midday trading on Friday, hitting $8.10. The company’s stock had a trading volume of 150,486 shares, compared to its average volume of 375,805. Electra Therapeutics has a 12-month low of $7.95 and a 12-month high of $15.50.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ETRA shares. JPMorgan Chase & Co. initiated coverage on Electra Therapeutics in a report on Thursday, October 22nd. They issued an “overweight” rating and a $36.00 price objective on the stock. HC Wainwright assumed coverage on Electra Therapeutics in a report on Monday, October 26th. They set a “buy” rating and a $30.00 target price for the company. Evercore started coverage on Electra Therapeutics in a research report on Tuesday, October 13th. They issued an “outperform” rating and a $36.00 target price on the stock. Jefferies Financial Group initiated coverage on Electra Therapeutics in a research note on Tuesday, October 13th. They issued a “buy” rating and a $32.00 price target on the stock. Finally, Wall Street Zen upgraded Electra Therapeutics to a “hold” rating in a research report on Saturday, September 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Electra Therapeutics currently has an average rating of “Buy” and a consensus price target of $33.50.

Insider Buying and Selling at Electra Therapeutics

In related news, Director Carl Gordon acquired 1,333,333 shares of the firm’s stock in a transaction on 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 directly owned 5,126,891 shares in the company, valued at approximately $76,903,365. This trade represents a 35.15% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Orbimed Advisors Llc bought 1,333,333 shares of the company’s stock in a transaction dated Monday, September 21st. The stock was bought at an average price of $15.00 per share, for a total transaction of $19,999,995.00. Following the transaction, 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. Additional details regarding this purchase are available in the official SEC disclosure.

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.