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

Key Points

• Short interest fell 41.7% to 409,380 shares as of October 15, representing 0.7% of Electra Therapeutics’ outstanding shares and 0.8 days of average trading volume.
• Directors Carl Gordon and Orbimed Advisors each purchased 1,333,333 shares at $15 per share, transactions valued at approximately $20 million each and increasing their positions by 35.15%.
• Analysts are broadly bullish, with a consensus “Buy” rating and a $33.50 price target, despite the stock recently trading at $8.10.

Electra Therapeutics, Inc. (NASDAQ:ETRA - Get Free Report) saw a large 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 company are sold short. Based on an average daily volume of 516,107 shares, the short-interest ratio is currently 0.8 days.

Insider Buying and Selling

In related news, Director Carl Gordon purchased 1,333,333 shares of the firm's stock in a transaction on Monday, September 21st. The stock was acquired at an average price 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 in the company, valued at approximately $76,903,365. This represents a 35.15% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Orbimed Advisors Llc bought 1,333,333 shares of Electra Therapeutics stock in a transaction that occurred on 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 purchase, 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 ownership of the stock. The SEC filing for this purchase provides additional information.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. began coverage on Electra Therapeutics in a report on Thursday, October 22nd. They issued an "overweight" rating and a $36.00 price objective for the company. Zacks Research raised Electra Therapeutics to a "hold" rating in a report on Wednesday, October 14th. Evercore initiated coverage on Electra Therapeutics in a research report on Tuesday, October 13th. They set an "outperform" rating and a $36.00 price target for the company. TD Cowen began coverage on Electra Therapeutics in a report on Tuesday, October 13th. They issued a "buy" rating for the company. Finally, Jefferies Financial Group initiated coverage on Electra Therapeutics in a research report on Tuesday, October 13th. They issued a "buy" rating and a $32.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Electra Therapeutics currently has an average rating of "Buy" and a consensus price target of $33.50.

Electra Therapeutics Stock Performance

Shares of NASDAQ:ETRA traded down $0.54 during trading on Friday, reaching $8.10. 150,486 shares of the company's stock traded hands, compared to its average volume of 375,805. Electra Therapeutics has a fifty-two week low of $7.95 and a fifty-two week high of $15.50.

About Electra Therapeutics

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.