Elutia (NASDAQ:ELUT) Trading Down 2% – Here’s Why

Elutia Inc. (NASDAQ:ELUT) was down 2% during trading on Tuesday . The company traded as low as $0.9550 and last traded at $0.97. Approximately 61,525 shares were traded during trading, a decline of 41% from the average daily volume of 104,541 shares. The stock had previously closed at $0.9902.

Analyst Ratings Changes

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

Elutia Price Performance

The stock has a market capitalization of $40.92 million, a price-to-earnings ratio of 1.11 and a beta of 0.80. The business has a fifty day moving average of $1.09 and a 200-day moving average of $0.95.

Elutia (NASDAQ:ELUT) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.02). The business had revenue of $3.11 million for the quarter, compared to analysts’ expectations of $3.00 million.

Hedge Funds Weigh In On Elutia

Several institutional investors and hedge funds have recently bought and sold shares of ELUT. Jane Street Group LLC purchased a new position in Elutia during the 1st quarter valued at about $48,000. XTX Topco Ltd purchased a new position in Elutia during the 2nd quarter valued at about $28,000. Deerfield Management Company L.P. purchased a new position in Elutia during the 3rd quarter valued at about $1,221,000. Virtu Financial LLC purchased a new position in Elutia during the 3rd quarter valued at about $26,000. Finally, Citadel Advisors LLC purchased a new position in Elutia during the 3rd quarter valued at about $50,000. Hedge funds and other institutional investors own 74.03% of the company’s stock.

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.