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

Elutia Inc. (NASDAQ:ELUT) saw a large increase in short interest in March. As of March 31st, there was short interest totaling 128,627 shares, an increase of 27.6% from the March 15th total of 100,767 shares. Based on an average trading volume of 123,822 shares, the short-interest ratio is presently 1.0 days. Approximately 0.4% of the shares of the stock are short sold.

Elutia Stock Down 1.7%

NASDAQ:ELUT traded down $0.02 on Friday, hitting $1.15. The stock had a trading volume of 37,801 shares, compared to its average volume of 211,330. The company has a fifty day moving average price of $1.10 and a two-hundred day moving average price of $0.89. Elutia has a 1-year low of $0.50 and a 1-year high of $2.64. The stock has a market cap of $49.20 million, a price-to-earnings ratio of 1.40 and a beta of 0.71.

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

Insider Buying and Selling

In other Elutia news, Director Kevin Rakin acquired 70,000 shares of the business’s stock in a transaction on Friday, January 30th. The stock was bought at an average price of $1.06 per share, for a total transaction of $74,200.00. Following the acquisition, the director owned 196,120 shares in the company, valued at approximately $207,887.20. The trade was a 55.50% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In the last three months, insiders have bought 105,000 shares of company stock valued at $110,900. 27.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Elutia

Several large investors have recently modified their holdings of ELUT. XTX Topco Ltd acquired a new stake in shares of Elutia during the 2nd quarter worth about $28,000. Jane Street Group LLC purchased a new position in Elutia during the first quarter worth about $48,000. Virtu Financial LLC acquired a new stake in shares of Elutia during the third quarter valued at about $26,000. FNY Investment Advisers LLC purchased a new stake in shares of Elutia in the 4th quarter valued at approximately $25,000. Finally, Rossmore Private Capital acquired a new position in shares of Elutia in the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 74.03% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on ELUT. Wall Street Zen raised Elutia from a “sell” rating to a “hold” rating in a report on Sunday, March 22nd. Weiss Ratings upgraded Elutia from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, April 10th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Elutia presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.00.

Elutia Company Profile

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.