Electra Therapeutics (NASDAQ:ETRA) Shares Down 9% Following Weak Earnings

Key Points

• Electra Therapeutics fell 9% to $8.29 after reporting a quarterly loss of $3.47 per share, missing analyst estimates of a $1.76 loss.
• Despite the earnings miss, analysts’ consensus rating remained Buy, with an average price target of $33.50.
• Company insiders bought about 3.8 million shares worth $48.7 million over the last quarter.

Electra Therapeutics, Inc. (NASDAQ:ETRA - Get Free Report) was down 9% on Friday following a weaker than expected earnings announcement. The stock traded as low as $8.29 and last traded at $8.29. Approximately 42,088 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 462,128 shares. The stock had previously closed at $9.11.

The company reported ($3.47) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.76) by ($1.71).

Analyst Ratings Changes

A number of equities research analysts have issued reports on ETRA shares. TD Cowen assumed coverage on Electra Therapeutics in a research report on Tuesday, October 13th. They issued a "buy" rating on the stock. Evercore began coverage on Electra Therapeutics in a research report on Tuesday, October 13th. They set an "outperform" rating and a $36.00 price objective for the company. Wall Street Zen upgraded shares of Electra Therapeutics to a "hold" rating in a research note on Saturday, September 26th. HC Wainwright assumed coverage on shares of Electra Therapeutics in a report on Monday, October 26th. They issued a "buy" rating and a $30.00 target price on the stock. Finally, Jefferies Financial Group started coverage on shares of Electra Therapeutics in a report on Tuesday, October 13th. They issued a "buy" rating and a $32.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $33.50.

Insiders Place Their Bets

In other Electra Therapeutics news, Director Orbimed Advisors Llc purchased 1,333,333 shares of the firm's stock in a transaction on Monday, September 21st. The stock was bought at an average cost 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 of the company's stock, valued at approximately $76,903,365. This represents a 35.15% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Carl L. Gordon acquired 1,333,333 shares of the 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 transaction, 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 disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have purchased 3,796,040 shares of company stock valued at $48,699,065.

Electra Therapeutics Stock Down 9.0%

Electra Therapeutics Company Profile

Electra Therapeutics, Inc. NASDAQ: ETRA is a clinical-stage biotechnology company focused on developing antibody-based medicines for diseases driven by abnormal immune-cell activity. The company's approach is designed to selectively eliminate or modulate disease-causing immune cells while preserving healthy immune function. Electra's lead investigational product is ELA026, an antibody targeting SIRPα, a protein involved in immune-cell signaling. The company is evaluating ELA026 in immune-mediated diseases, including systemic sclerosis and other conditions in which macrophages and related immune cells may contribute to disease progression.

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