Electra Therapeutics (NASDAQ:ETRA) Stock Price Down 9% Following Weak Earnings

Electra Therapeutics, Inc. (NASDAQ:ETRA)’s share price fell 9% during trading on Friday following a dissappointing earnings announcement. The company traded as low as $8.29 and last traded at $8.29. Approximately 42,088 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 462,128 shares. The stock had previously closed at $9.11.

The company reported ($3.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.76) by ($1.71).

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ETRA shares. JPMorgan Chase & Co. assumed coverage on shares of Electra Therapeutics in a research report on Thursday, October 22nd. They issued an “overweight” rating and a $36.00 price target for the company. TD Cowen started coverage on shares of Electra Therapeutics in a research note on Tuesday, October 13th. They issued a “buy” rating for the company. Evercore initiated coverage on Electra Therapeutics in a report on Tuesday, October 13th. They set an “outperform” rating and a $36.00 price objective on the stock. Jefferies Financial Group initiated coverage on Electra Therapeutics in a research report on Tuesday, October 13th. They set a “buy” rating and a $32.00 target price on the stock. Finally, Cantor Fitzgerald assumed coverage on Electra Therapeutics in a research report on Tuesday, October 13th. They issued an “overweight” rating for the company. One 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 company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $33.50.

Insiders Place Their Bets

In other Electra Therapeutics news, Director Orbimed Advisors Llc purchased 22,700 shares of the firm’s stock in a transaction that occurred on Tuesday, November 10th. The stock was purchased at an average price of $8.45 per share, for a total transaction of $191,815.00. Following the purchase, the director directly owned 5,255,278 shares in the company, valued at approximately $44,407,099.10. This trade represents a 0.43% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carl Gordon acquired 22,700 shares of the stock in a transaction on Tuesday, November 10th. The shares were acquired at an average cost of $8.45 per share, for a total transaction of $191,815.00. Following the completion of the transaction, the director directly owned 5,255,278 shares in the company, valued at $44,407,099.10. The trade was a 0.43% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have purchased 3,796,040 shares of company stock valued at $48,699,065.

Electra Therapeutics Trading Down 9.0%

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 SIRPα, 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.