Insider Buying: Electra Therapeutics (NASDAQ:ETRA) Director Buys $1,926,588.18 in Stock

Electra Therapeutics, Inc. (NASDAQ:ETRA) Director Carl Gordon bought 245,113 shares of the stock in a transaction on Tuesday, November 3rd. The stock was purchased at an average price of $7.86 per share, for a total transaction of $1,926,588.18. Following the completion of the purchase, the director directly owned 5,175,604 shares in the company, valued at approximately $40,680,247.44. This represents a 4.97% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Electra Therapeutics Price Performance

NASDAQ:ETRA traded down $0.62 during trading hours on Thursday, hitting $7.35. The stock had a trading volume of 524,786 shares, compared to its average volume of 481,923. Electra Therapeutics, Inc. has a one year low of $6.86 and a one year high of $15.50.

Wall Street Analyst Weigh In

Several research firms recently commented on ETRA. Wall Street Zen upgraded Electra Therapeutics to a “hold” rating in a research report on Saturday, September 26th. Cantor Fitzgerald started coverage on Electra Therapeutics in a report on Tuesday, October 13th. They issued an “overweight” rating on the stock. Evercore assumed 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 research report on Tuesday, October 13th. They set a “buy” rating for the company. Finally, JPMorgan Chase & Co. assumed coverage on Electra Therapeutics in a report on Thursday, October 22nd. They set an “overweight” rating and a $36.00 price objective for the company. One investment 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 stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $33.50.

About Electra Therapeutics

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 SIRP?, 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.