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

Elutia Inc. (NASDAQ:ELUT) was the recipient of a significant drop in short interest in March. As of March 13th, there was short interest totaling 100,767 shares, a drop of 31.2% from the February 26th total of 146,480 shares. Approximately 0.3% of the shares of the stock are short sold. Based on an average daily volume of 201,072 shares, the short-interest ratio is presently 0.5 days.

Insider Activity

In other news, Director Kevin Rakin bought 70,000 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The shares were bought at an average cost of $1.06 per share, for a total transaction of $74,200.00. Following the completion of the transaction, the director owned 196,120 shares of the company’s stock, valued at approximately $207,887.20. This represents a 55.50% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders bought 105,000 shares of company stock valued at $110,900 over the last quarter. Insiders own 27.60% of the company’s stock.

Hedge Funds Weigh In On Elutia

Several large investors have recently modified their holdings of ELUT. XTX Topco Ltd purchased a new stake in Elutia during the 2nd quarter valued at $28,000. Jane Street Group LLC purchased a new position in Elutia during the first quarter worth $48,000. Virtu Financial LLC bought a new position in Elutia during the third quarter valued at $26,000. FNY Investment Advisers LLC bought a new position in Elutia during the fourth quarter valued at $25,000. Finally, Rossmore Private Capital purchased a new stake in shares of Elutia in the fourth quarter valued at $35,000. Institutional investors own 74.03% of the company’s stock.

Elutia Stock Performance

Shares of Elutia stock remained flat at $1.07 during trading hours on Friday. 87,330 shares of the stock were exchanged, compared to its average volume of 170,451. The business’s 50 day simple moving average is $1.05 and its 200 day simple moving average is $0.90. The stock has a market cap of $45.77 million, a PE ratio of 1.30 and a beta of 0.65. Elutia has a 12-month low of $0.50 and a 12-month high of $2.99.

Elutia (NASDAQ:ELUT) last announced its quarterly earnings results on Wednesday, March 11th. The company reported ($0.14) EPS for the quarter, meeting analysts’ consensus estimates of ($0.14). The business had revenue of $3.30 million during the quarter, compared to the consensus estimate of $3.30 million. Research analysts anticipate that Elutia will post -1.74 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ELUT has been the subject of several research analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of Elutia in a report on Wednesday, January 21st. Wall Street Zen upgraded Elutia from a “sell” rating to a “hold” rating in a research report on Sunday, March 22nd. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $6.00.

About Elutia

Elutia, Inc is a biopharmaceutical company focused on the development of novel nitric oxide therapies based on its proprietary polymeric nitric oxide platform. This technology is designed to enable sustained, controlled release of nitric oxide to targeted tissues, potentially overcoming the delivery challenges associated with gaseous nitric oxide and small‐molecule donors.

The company’s lead program is in preclinical development for pulmonary arterial hypertension, with additional research efforts aimed at other cardiovascular and respiratory conditions.