Elutia (NASDAQ:ELUT) Trading Up 4.7% – Still a Buy?

Elutia Inc. (NASDAQ:ELUT) shares shot up 4.7% during trading on Friday . The company traded as high as $0.7887 and last traded at $0.7230. 796,463 shares changed hands during mid-day trading, an increase of 46% from the average session volume of 544,170 shares. The stock had previously closed at $0.6905.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Elutia in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Elutia to a “sell” rating in a research report on Saturday, November 8th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $7.00.

Elutia Trading Up 4.7%

The company has a 50 day simple moving average of $0.68 and a two-hundred day simple moving average of $1.30. The firm has a market capitalization of $30.87 million, a P/E ratio of -0.79 and a beta of 0.62.

Elutia (NASDAQ:ELUT) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.15. The company had revenue of $3.32 million for the quarter, compared to the consensus estimate of $6.65 million. On average, sell-side analysts expect that Elutia Inc. will post -1.74 EPS for the current fiscal year.

Insider Buying and Selling at Elutia

In other Elutia news, CFO Matthew Ferguson acquired 60,000 shares of the stock in a transaction on Wednesday, December 17th. The stock was acquired at an average price of $0.53 per share, for a total transaction of $31,800.00. Following the completion of the transaction, the chief financial officer directly owned 447,110 shares of the company’s stock, valued at $236,968.30. This trade represents a 15.50% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kevin Rakin acquired 50,000 shares of the company’s stock in a transaction on Wednesday, December 17th. The stock was acquired at an average cost of $0.52 per share, with a total value of $26,000.00. Following the completion of the purchase, the director directly owned 322,419 shares in the company, valued at approximately $167,657.88. This represents a 18.35% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders acquired 194,500 shares of company stock worth $109,910. Corporate insiders own 27.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Virtu Financial LLC purchased a new stake in shares of Elutia in the third quarter valued at $26,000. XTX Topco Ltd bought a new stake in Elutia in the second quarter worth about $28,000. Jane Street Group LLC purchased a new position in shares of Elutia during the first quarter valued at approximately $48,000. Citadel Advisors LLC bought a new position in shares of Elutia during the third quarter valued at approximately $50,000. Finally, Arcus Capital Partners LLC raised its holdings in shares of Elutia by 50.3% in the second quarter. Arcus Capital Partners LLC now owns 30,050 shares of the company’s stock worth $59,000 after buying an additional 10,050 shares during the period. Institutional investors own 74.03% of the company’s stock.

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.