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 stock are sold short.

Analysts Set New Price Targets

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

Elutia Price Performance

ELUT opened at $1.17 on Thursday. The stock has a 50-day moving average price of $1.09 and a 200-day moving average price of $0.89. The firm has a market cap of $50.05 million, a PE ratio of 1.43 and a beta of 0.71. Elutia has a 1 year low of $0.50 and a 1 year high of $2.64.

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

Insider Activity

In other Elutia news, Director Kevin Rakin bought 70,000 shares of the stock in a transaction dated Friday, January 30th. The stock was purchased at an average cost 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 can be accessed through this link. Insiders have purchased 105,000 shares of company stock worth $110,900 in the last ninety days. 27.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Elutia

Hedge funds have recently bought and sold shares of the business. FNY Investment Advisers LLC purchased a new position in Elutia in the 4th quarter worth about $25,000. Rossmore Private Capital purchased a new position in Elutia in the 4th quarter worth about $35,000. Knollwood Investment Advisory LLC raised its position in Elutia by 147.8% in the 4th quarter. Knollwood Investment Advisory LLC now owns 2,556,724 shares of the company’s stock worth $1,771,000 after buying an additional 1,525,157 shares during the last quarter. Renaissance Technologies LLC raised its position in Elutia by 64.7% in the 4th quarter. Renaissance Technologies LLC now owns 102,116 shares of the company’s stock worth $71,000 after buying an additional 40,123 shares during the last quarter. Finally, Deerfield Management Company L.P. purchased a new position in Elutia in the 3rd quarter worth about $1,221,000. Hedge funds and other 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.