Electra Therapeutics, Inc. (NASDAQ:ETRA) Stock Short Interest Declines 41.7%

Electra Therapeutics, Inc. (NASDAQ:ETRA) was the recipient of a large decline in short interest in October. As of October 15th, there was short interest totaling 409,380 shares, a decline of 41.7% from the September 30th total of 702,266 shares. Based on an average daily trading volume, of 516,107 shares, the short-interest ratio is currently 0.8 days. Approximately 0.7% of the company’s stock are sold short.

Electra Therapeutics Stock Performance

ETRA traded down $0.79 during midday trading on Monday, hitting $7.31. 385,464 shares of the company traded hands, compared to its average volume of 467,625. Electra Therapeutics has a 52 week low of $7.05 and a 52 week high of $15.50.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Wall Street Zen upgraded Electra Therapeutics to a “hold” rating in a research note on Saturday, September 26th. Cantor Fitzgerald began coverage on Electra Therapeutics in a research note on Tuesday, October 13th. They issued an “overweight” rating on the stock. Evercore assumed coverage on Electra Therapeutics in a report on Tuesday, October 13th. They set an “outperform” rating and a $36.00 price target for the company. JPMorgan Chase & Co. assumed coverage on Electra Therapeutics in a research report on Thursday, October 22nd. They issued an “overweight” rating and a $36.00 price target for the company. Finally, HC Wainwright began coverage on shares of Electra Therapeutics in a research report on Monday, October 26th. They set a “buy” rating and a $30.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Electra Therapeutics currently has a consensus rating of “Buy” and an average target price of $33.50.

Insider Transactions at Electra Therapeutics

In other Electra Therapeutics news, Director Carl L. Gordon bought 1,333,333 shares of the firm’s stock in a transaction on Monday, September 21st. The stock was acquired at an average price of $15.00 per share, with a total value of $19,999,995.00. Following the completion of the purchase, 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 acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Orbimed Advisors Llc bought 1,333,333 shares of the firm’s stock in a transaction on 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 purchase, 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 position. The disclosure for this purchase is available in the SEC filing.

About Electra Therapeutics

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.