Elutia Inc. (NASDAQ:ELUT) Short Interest Down 30.1% in March

Elutia Inc. (NASDAQ:ELUT) was the recipient of a significant decline in short interest during the month of March. As of March 15th, there was short interest totalling 47,300 shares, a decline of 30.1% from the February 28th total of 67,700 shares. Based on an average daily volume of 45,300 shares, the days-to-cover ratio is currently 1.0 days. Currently, 0.2% of the company’s stock are short sold.

Elutia Trading Down 3.2 %

ELUT stock traded down $0.09 during trading on Monday, reaching $2.56. The stock had a trading volume of 12,768 shares, compared to its average volume of 46,705. The firm has a market cap of $104.08 million, a PE ratio of -0.98 and a beta of 0.86. The stock’s 50 day moving average is $2.97 and its two-hundred day moving average is $3.52. Elutia has a 52 week low of $2.28 and a 52 week high of $5.24.

Insider Transactions at Elutia

In related news, Director Highcape Capital, L.P. purchased 420,000 shares of Elutia stock in a transaction dated Monday, February 3rd. The stock was purchased at an average cost of $2.50 per share, for a total transaction of $1,050,000.00. Following the completion of the purchase, the director now directly owns 9,520,232 shares of the company’s stock, valued at $23,800,580. The trade was a 4.62 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 40.80% of the company’s stock.

Hedge Funds Weigh In On Elutia

A number of institutional investors and hedge funds have recently made changes to their positions in the business. AIGH Capital Management LLC increased its holdings in Elutia by 22.5% during the fourth quarter. AIGH Capital Management LLC now owns 3,074,675 shares of the company’s stock valued at $11,499,000 after buying an additional 564,233 shares during the last quarter. Silverarc Capital Management LLC increased its stake in shares of Elutia by 8.3% in the 4th quarter. Silverarc Capital Management LLC now owns 1,782,271 shares of the company’s stock worth $6,666,000 after purchasing an additional 136,463 shares in the last quarter. Geode Capital Management LLC raised its holdings in Elutia by 50.3% in the 3rd quarter. Geode Capital Management LLC now owns 188,408 shares of the company’s stock worth $718,000 after purchasing an additional 63,047 shares during the period. 683 Capital Management LLC purchased a new position in Elutia during the fourth quarter valued at $302,000. Finally, Millennium Management LLC grew its holdings in Elutia by 16.4% during the fourth quarter. Millennium Management LLC now owns 45,217 shares of the company’s stock valued at $169,000 after purchasing an additional 6,386 shares during the period. Hedge funds and other institutional investors own 74.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $8.00 target price on shares of Elutia in a research report on Friday, March 7th.

Elutia Company Profile

Elutia Inc, a commercial-stage company, develops and commercializes drug-eluting biologics products for neurostimulation, wound care, and breast reconstruction in the United States. The company operates in three segments: Device Protection; Women's Health; and Cardiovascular. It offers CanGaroo Envelope, which is used to accommodate cardiac implantable electronic devices, such as pacemakers and internal defibrillators.