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

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

Insider Buying and Selling

In related news, Director Kevin Rakin bought 70,000 shares of the 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 trade represents a 55.50% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders acquired 105,000 shares of company stock valued at $110,900. 27.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Elutia

Institutional investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd bought a new stake in shares of Elutia during the fourth quarter valued at approximately $71,000. Knollwood Investment Advisory LLC boosted its position in shares of Elutia by 147.8% during the fourth quarter. Knollwood Investment Advisory LLC now owns 2,556,724 shares of the company’s stock worth $1,771,000 after acquiring an additional 1,525,157 shares during the last quarter. Renaissance Technologies LLC grew its stake in Elutia by 64.7% during the fourth quarter. Renaissance Technologies LLC now owns 102,116 shares of the company’s stock valued at $71,000 after acquiring an additional 40,123 shares in the last quarter. Rossmore Private Capital bought a new stake in Elutia in the 4th quarter valued at $35,000. Finally, FNY Investment Advisers LLC purchased a new stake in Elutia in the 4th quarter worth $25,000. 74.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ELUT has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Elutia in a research note on Wednesday, January 21st. Wall Street Zen raised shares of Elutia from a “sell” rating to a “hold” rating in a report on Sunday, March 22nd. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $6.00.

Elutia Price Performance

ELUT stock remained flat at $1.07 during trading on Friday. The company’s stock had a trading volume of 87,330 shares, compared to its average volume of 170,451. The company has a 50-day moving average price of $1.05 and a two-hundred day moving average price of $0.90. The firm has a market cap of $45.77 million, a P/E ratio of 1.30 and a beta of 0.65. Elutia has a 1-year low of $0.50 and a 1-year high of $2.99.

Elutia (NASDAQ:ELUT) last announced its quarterly earnings data on Wednesday, March 11th. The company reported ($0.14) EPS for the quarter, meeting the consensus estimate of ($0.14). The business had revenue of $3.30 million during the quarter, compared to analysts’ expectations of $3.30 million. On average, equities analysts forecast that Elutia will post -1.74 EPS for the current year.

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.