Elutia Inc. (NASDAQ:ELUT) Sees Large Drop in Short Interest

Elutia Inc. (NASDAQ:ELUT) was the recipient of a large decrease in short interest during the month of March. As of March 15th, there was short interest totalling 47,300 shares, a decrease of 30.1% from the February 28th total of 67,700 shares. Based on an average daily volume of 45,300 shares, the days-to-cover ratio is currently 1.0 days. Currently, 0.2% of the shares of the company are short sold.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald reissued an “overweight” rating and issued a $8.00 price objective on shares of Elutia in a research note on Friday, March 7th.

Insider Activity at Elutia

In related news, Director Highcape Capital, L.P. bought 420,000 shares of the stock in a transaction on Monday, February 3rd. The shares were bought at an average cost of $2.50 per share, for a total transaction of $1,050,000.00. Following the purchase, the director now owns 9,520,232 shares of the company’s stock, valued at $23,800,580. This trade represents a 4.62 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 40.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Elutia

A number of large investors have recently made changes to their positions in the stock. Northern Trust Corp raised its stake in shares of Elutia by 30.0% during the 4th quarter. Northern Trust Corp now owns 17,957 shares of the company’s stock worth $67,000 after buying an additional 4,148 shares during the last quarter. Citadel Advisors LLC acquired a new position in Elutia during the fourth quarter worth about $84,000. Millennium Management LLC raised its holdings in shares of Elutia by 16.4% in the fourth quarter. Millennium Management LLC now owns 45,217 shares of the company’s stock worth $169,000 after acquiring an additional 6,386 shares during the last quarter. 683 Capital Management LLC purchased a new stake in shares of Elutia in the fourth quarter valued at $302,000. Finally, Geode Capital Management LLC boosted its stake in shares of Elutia by 50.3% during the third quarter. Geode Capital Management LLC now owns 188,408 shares of the company’s stock valued at $718,000 after acquiring an additional 63,047 shares during the last quarter. Hedge funds and other institutional investors own 74.03% of the company’s stock.

Elutia Trading Down 0.8 %

Shares of ELUT traded down $0.02 during mid-day trading on Friday, hitting $2.64. The company’s stock had a trading volume of 16,857 shares, compared to its average volume of 46,840. Elutia has a 1-year low of $2.28 and a 1-year high of $5.24. The firm has a market capitalization of $107.55 million, a P/E ratio of -1.01 and a beta of 0.86. The firm has a 50-day simple moving average of $2.97 and a 200 day simple moving average of $3.53.

About Elutia

Elutia Inc, a commercial-stage company, develops and commercializes drug-eluting biologics products for neurostimulation, wound care, and breast reconstruction in the United States. The company operates in three segments: Device Protection; Women's Health; and Cardiovascular. It offers CanGaroo Envelope, which is used to accommodate cardiac implantable electronic devices, such as pacemakers and internal defibrillators.