Entrada Therapeutics, Inc. (NASDAQ:TRDA) Sees Large Decrease in Short Interest

Entrada Therapeutics, Inc. (NASDAQ:TRDA) saw a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 1,650,000 shares, a decrease of 19.1% from the September 30th total of 2,040,000 shares. Approximately 7.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 139,800 shares, the short-interest ratio is currently 11.8 days.

Entrada Therapeutics Stock Down 0.5 %

TRDA traded down $0.09 on Tuesday, reaching $17.28. 77,284 shares of the company traded hands, compared to its average volume of 103,970. The company has a market cap of $642.82 million, a P/E ratio of 5.82 and a beta of -0.25. The firm has a fifty day simple moving average of $16.16 and a two-hundred day simple moving average of $15.37. Entrada Therapeutics has a one year low of $10.75 and a one year high of $18.17.

Entrada Therapeutics (NASDAQ:TRDA) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.90. Entrada Therapeutics had a return on equity of 35.16% and a net margin of 43.63%. The firm had revenue of $94.69 million during the quarter, compared to analyst estimates of $55.00 million. On average, equities analysts forecast that Entrada Therapeutics will post 0.68 earnings per share for the current year.

Insider Activity at Entrada Therapeutics

In other news, COO Nathan J. Dowden sold 1,904 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $15.07, for a total transaction of $28,693.28. Following the completion of the transaction, the chief operating officer now directly owns 125,996 shares in the company, valued at approximately $1,898,759.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Entrada Therapeutics news, COO Nathan J. Dowden sold 1,904 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $15.07, for a total transaction of $28,693.28. Following the completion of the transaction, the chief operating officer now owns 125,996 shares in the company, valued at $1,898,759.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Natarajan Sethuraman sold 2,642 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $15.09, for a total transaction of $39,867.78. Following the completion of the sale, the insider now owns 183,816 shares in the company, valued at approximately $2,773,783.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,187 shares of company stock valued at $155,947. Insiders own 7.59% of the company’s stock.

Hedge Funds Weigh In On Entrada Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company lifted its stake in Entrada Therapeutics by 3.9% in the second quarter. The Manufacturers Life Insurance Company now owns 57,098 shares of the company’s stock worth $814,000 after acquiring an additional 2,146 shares during the period. US Bancorp DE bought a new stake in shares of Entrada Therapeutics in the 3rd quarter valued at about $42,000. Acadian Asset Management LLC purchased a new stake in shares of Entrada Therapeutics in the 1st quarter worth approximately $79,000. Rhumbline Advisers increased its holdings in Entrada Therapeutics by 25.3% during the second quarter. Rhumbline Advisers now owns 36,940 shares of the company’s stock valued at $526,000 after buying an additional 7,452 shares during the period. Finally, SG Americas Securities LLC bought a new position in Entrada Therapeutics in the third quarter worth approximately $156,000. Institutional investors own 86.39% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. HC Wainwright reaffirmed a “buy” rating and set a $18.00 price objective on shares of Entrada Therapeutics in a research note on Wednesday, August 14th. Oppenheimer reissued an “outperform” rating and issued a $25.00 price objective on shares of Entrada Therapeutics in a research report on Monday, August 26th.

About Entrada Therapeutics

Entrada Therapeutics, Inc, a clinical-stage biotechnology company, develops endosomal escape vehicle (EEV) therapeutics for the treatment of multiple neuromuscular diseases. Its EEV platform develops a portfolio of oligonucleotide, antibody, and enzyme-based programs. Its therapeutic candidates, which include ENTR-601-44, which is in Phase I clinical trial for the treatment of Duchenne muscular dystrophy; and ENTR-701, which is in Phase 1/2 clinical trial for the treatment of myotonic dystrophy type 1.