Jefferies Financial Group Upgrades Electra Therapeutics (NASDAQ:ETRA) to "Strong-Buy"

Key Points

• Jefferies upgraded Electra Therapeutics to “strong buy,” joining TD Cowen, Evercore, and Cantor Fitzgerald in issuing bullish coverage. Analysts’ consensus rating is “Strong Buy,” with a target price of $34.
• Electra shares fell 7.6% to $8.61, near the company’s 12-month low of $8.57 and well below its 12-month high of $15.50.
• Company directors disclosed purchases totaling nearly $40 million, acquiring 2.67 million shares at $15 each and increasing their ownership by 35.15%.

Electra Therapeutics (NASDAQ:ETRA - Get Free Report) was upgraded by research analysts at Jefferies Financial Group to a "strong-buy" rating in a research note issued on Tuesday, Zacks reports.

Other equities analysts also recently issued research reports about the company. TD Cowen assumed coverage on Electra Therapeutics in a research report on Tuesday. They issued a "buy" rating on the stock. Evercore began coverage on Electra Therapeutics in a research report on Tuesday. They set an "outperform" rating and a $36.00 price target for the company. Wall Street Zen raised Electra Therapeutics to a "hold" rating in a research note on Saturday, September 26th. Finally, Cantor Fitzgerald initiated coverage on Electra Therapeutics in a report on Tuesday. They issued an "overweight" rating on the stock. Two research analysts have rated the stock with a Strong Buy rating and two have given a Buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Strong Buy" and a consensus target price of $34.00.

Electra Therapeutics Trading Down 7.6%

NASDAQ:ETRA opened at $8.61 on Tuesday. Electra Therapeutics has a 12 month low of $8.57 and a 12 month high of $15.50.

Insider Transactions at Electra Therapeutics

In related news, Director Carl Gordon purchased 1,333,333 shares of the company's stock in a transaction on Monday, September 21st. The stock was acquired at an average cost of $15.00 per share, for a total transaction of $19,999,995.00. Following the completion of the transaction, the director directly owned 5,126,891 shares in the company, valued at approximately $76,903,365. The trade was a 35.15% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Orbimed Advisors Llc bought 1,333,333 shares of the company's stock in a transaction that occurred on Monday, September 21st. The stock was bought at an average price of $15.00 per share, with a total value of $19,999,995.00. Following the acquisition, the director directly owned 5,126,891 shares in the company, valued at $76,903,365. The trade was a 35.15% increase in their position. The SEC filing for this purchase provides additional information.

About Electra Therapeutics

Electra Therapeutics, Inc is a clinical-stage biopharmaceutical company developing therapies for severe immune-mediated diseases. The company is focused on creating treatments designed to selectively remove disease-causing immune cells while preserving healthy immune cells.

Electra's lead product candidate, ELA026, is an investigational antibody being developed for conditions involving harmful immune-cell activity. The company is evaluating the candidate in clinical studies for diseases including systemic sclerosis and immune thrombocytopenia.

Electra Therapeutics is headquartered in the United States and is focused primarily on advancing its pipeline through clinical development.

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