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

Electra Therapeutics, Inc. (NASDAQ:ETRA) saw a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 702,266 shares. Approximately 1.1% of the company’s shares are sold short. Based on an average daily volume of 909,492 shares, the short-interest ratio is currently 0.8 days.

Electra Therapeutics Trading Up 6.7%

Shares of Electra Therapeutics stock traded up $0.58 on Wednesday, reaching $9.19. 353,135 shares of the company were exchanged, compared to its average volume of 588,338. Electra Therapeutics has a 1-year low of $8.50 and a 1-year high of $15.50.

Insider Buying and Selling

In other Electra Therapeutics news, Director Orbimed Advisors Llc acquired 1,333,333 shares of the company’s stock in a transaction dated Monday, September 21st. The stock was bought at an average price of $15.00 per share, with a total value of $19,999,995.00. Following the completion of the transaction, the director directly owned 5,126,891 shares of the company’s stock, valued at approximately $76,903,365. The trade was a 35.15% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carl L. Gordon acquired 1,333,333 shares of the business’s stock in a transaction on Monday, September 21st. The stock was bought at an average cost of $15.00 per share, for a total transaction of $19,999,995.00. Following the completion of the transaction, the director directly owned 5,126,891 shares of the company’s stock, valued at $76,903,365. This trade represents a 35.15% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

Wall Street Analysts Forecast Growth

ETRA has been the topic of a number of recent analyst reports. Wall Street Zen raised Electra Therapeutics to a “hold” rating in a research report on Saturday, September 26th. Evercore initiated coverage on Electra Therapeutics in a research note on Tuesday. They set an “outperform” rating and a $36.00 target price for the company. Cantor Fitzgerald began coverage on shares of Electra Therapeutics in a research report on Tuesday. They set an “overweight” rating for the company. TD Cowen started coverage on shares of Electra Therapeutics in a research note on Tuesday. They issued a “buy” rating for the company. Finally, Jefferies Financial Group assumed coverage on shares of Electra Therapeutics in a report on Tuesday. They issued a “buy” rating and a $32.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Strong Buy” and a consensus price target of $34.00.

About Electra Therapeutics

Electra Therapeutics, Inc is a clinical-stage biopharmaceutical company developing therapies for severe immune-mediated diseases. The company is focused on creating treatments designed to selectively remove disease-causing immune cells while preserving healthy immune cells.

Electra’s lead product candidate, ELA026, is an investigational antibody being developed for conditions involving harmful immune-cell activity. The company is evaluating the candidate in clinical studies for diseases including systemic sclerosis and immune thrombocytopenia.

Electra Therapeutics is headquartered in the United States and is focused primarily on advancing its pipeline through clinical development.