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

Electra Therapeutics, Inc. (NASDAQ:ETRA) was the recipient of a large growth in short interest in September. As of September 30th, there was short interest totaling 702,266 shares. Based on an average trading volume of 909,492 shares, the days-to-cover ratio is presently 0.8 days. Currently, 1.1% of the company’s stock are short sold.

Insiders Place Their Bets

In other news, Director Carl L. Gordon bought 1,333,333 shares of the business’s stock in a transaction dated Monday, September 21st. The shares were acquired at an average price of $15.00 per share, for a total transaction of $19,999,995.00. Following the completion of 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. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Orbimed Advisors Llc bought 1,333,333 shares of Electra Therapeutics stock in a transaction dated Monday, September 21st. The stock was purchased 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. The trade was a 35.15% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

Electra Therapeutics Price Performance

Electra Therapeutics stock traded up $0.10 during mid-day trading on Friday, hitting $8.85. 699,822 shares of the company were exchanged, compared to its average volume of 580,517. Electra Therapeutics has a 12-month low of $8.50 and a 12-month high of $15.50.

Analyst Ratings Changes

Several analysts have commented on the company. Cantor Fitzgerald began coverage on Electra Therapeutics in a research note on Tuesday. They set an “overweight” rating for the company. Wall Street Zen upgraded Electra Therapeutics to a “hold” rating in a research note on Saturday, September 26th. Evercore began coverage on Electra Therapeutics in a research note on Tuesday. They issued an “outperform” rating and a $36.00 target price on the stock. Jefferies Financial Group assumed coverage on Electra Therapeutics in a report on Tuesday. They issued a “buy” rating and a $32.00 target price on the stock. Finally, TD Cowen assumed coverage on shares of Electra Therapeutics in a research note on Tuesday. They set a “buy” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Electra Therapeutics currently has an average rating of “Buy” and an average price target of $34.00.

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.