NEW YORK — In an about-face, U.S. Rep. Chris Collins is ending his re-election bid days after the Republican congressman from New York was charged with insider trading.

Collins released a statement Saturday morning saying he will suspend his campaign and finish the rest of his term. Collins was indicted Wednesday on charges he passed inside information about a biotechnology company to family members so they could profit from illicit trades. He had said later that day he would remain on the ballot despite the indictment and fight the charges.

But Collins reversed himself Saturday. “I have decided that it is in the best interests of the constituents of NY-27, the Republican Party and President Donald Trump’s agenda for me to suspend my campaign for re-election to Congress,” his statement said.

He went on to say he will serve out his term and “continue to fight the meritless charges brought against me.” He has denied any wrongdoing.

Collins’ decision to end his re-election bid appeared to boost Democrats’ chances of taking in a solidly Republican district, but the announcement left unanswered questions, including how Collins’ name could be removed from the ballot.

Wednesday’s indictment charges Collins and two others, including his son, with conspiracy, wire fraud and other counts.

Prosecutors say Collins used insider information gained as a board member of an Australian biotechnology company to tip off his son and others about a failed drug trial, prompting them to sell off the stock and avert large losses.

It is unclear whether Collins’ name can be removed from the November ballot at this point and whether Republican Party officials will be able to nominate another candidate for the seat.

Under New York state election law, Collins’ name could be taken off the ballot under certain narrowly defined circumstances that include death, disqualification or being nominated for a different office such as a county clerkship.

Jessica Proud, a spokeswoman for the New York state Republican Party, said party officials are weighing their options. She said no decision has been made about a possible replacement for Collins on the ballot.

Stefan Mychajliw, the Erie County comptroller, released a statement putting his name forward for the ballot spot and said he hoped to earn the support of county Republican officials in the district.

A spokesman for Nate McMurray, the Democrat in the race, said McMurray planned a news conference later Saturday in Rochester. “The actions of Congressman Collins should disqualify him, his cronies and corporate donors from choosing his replacement on the ballot,” McMurray’s campaign said in a news release.

McMurray, the town supervisor of Grand Island, N.Y., said that he took “no joy in the terrible news” of his rival’s arrest.

The district spans an area between the Rochester and Buffalo suburbs and is considered the most Republican-leaning district in New York.

House Democratic Leader Nancy Pelosi said Saturday that Collins should resign immediately. “No person is above the law, not the president or his first supporter in Congress,” she said.