Short Interest in Elutia Inc. (NASDAQ:ELUT) Grows By 27.6%

Elutia Inc. (NASDAQ:ELUT) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totaling 128,627 shares, a growth of 27.6% from the March 15th total of 100,767 shares. Based on an average daily volume of 123,822 shares, the short-interest ratio is currently 1.0 days. Approximately 0.4% of the company’s shares are short sold.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ELUT. Wall Street Zen upgraded shares of Elutia from a “sell” rating to a “hold” rating in a report on Sunday, March 22nd. Weiss Ratings raised Elutia from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, April 10th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $6.00.

Insider Activity

In other news, Director Kevin Rakin bought 70,000 shares of the business’s stock in a transaction dated Friday, January 30th. The shares were purchased at an average price of $1.06 per share, for a total transaction of $74,200.00. Following the completion of the acquisition, 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have purchased a total of 105,000 shares of company stock valued at $110,900 in the last quarter. 27.60% of the stock is currently owned by company insiders.

Institutional Trading of Elutia

A number of hedge funds have recently modified their holdings of ELUT. Jane Street Group LLC bought a new stake in shares of Elutia during the 1st quarter valued at $48,000. XTX Topco Ltd bought a new stake in shares of Elutia during the 2nd quarter valued at $28,000. Deerfield Management Company L.P. bought a new stake in shares of Elutia during the 3rd quarter valued at $1,221,000. Virtu Financial LLC bought a new position in shares of Elutia during the third quarter valued at approximately $26,000. Finally, Citadel Advisors LLC purchased a new position in shares of Elutia during the third quarter valued at approximately $50,000. Institutional investors own 74.03% of the company’s stock.

Elutia Stock Up 2.6%

Shares of ELUT stock opened at $1.17 on Thursday. The stock has a fifty day moving average of $1.09 and a 200 day moving average of $0.89. Elutia has a 52 week low of $0.50 and a 52 week high of $2.64. The firm has a market capitalization of $50.05 million, a price-to-earnings ratio of 1.43 and a beta of 0.71.

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