Electra Therapeutics, Inc. (NASDAQ:ETRA) Shares Shorted: Short Interest Down 41.7% in October

Electra Therapeutics, Inc. (NASDAQ:ETRA) was the recipient of a large drop in short interest during the month of 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 stock are sold short. Based on an average trading volume of 516,107 shares, the days-to-cover ratio is currently 0.8 days.

Analysts Set New Price Targets

Several equities analysts have weighed in on ETRA shares. Wall Street Zen raised shares of Electra Therapeutics to a “hold” rating in a report on Saturday, September 26th. Zacks Research upgraded shares of Electra Therapeutics to a “hold” rating in a research report on Wednesday, October 14th. Evercore began coverage on shares of Electra Therapeutics in a research note on Tuesday, October 13th. They set an “outperform” rating and a $36.00 target price on the stock. 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 for the company. Finally, TD Cowen began coverage on Electra Therapeutics in a research note on Tuesday, October 13th. They issued a “buy” rating for the company. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $33.50.

Insider Buying and Selling

In related news, Director Carl Gordon purchased 1,333,333 shares of the firm’s stock in a transaction dated Monday, September 21st. The shares were purchased 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 of the company’s stock, valued at approximately $76,903,365. This 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 available through the SEC website. Also, Director Orbimed Advisors Llc acquired 1,333,333 shares of the business’s stock in a transaction dated 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 completion of the acquisition, the director directly 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.

Electra Therapeutics Stock Up 0.1%

Shares of Electra Therapeutics stock opened at $7.32 on Tuesday. Electra Therapeutics has a one year low of $7.05 and a one year high of $15.50.

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.