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

Elutia Inc. (NASDAQ:ELUT) was the recipient of a significant drop in short interest during the month of August. As of August 14th, there was short interest totaling 25,859 shares, a drop of 34.8% from the July 30th total of 39,655 shares. Based on an average daily volume of 40,564 shares, the days-to-cover ratio is currently 0.6 days. Approximately 0.1% of the shares of the company are short sold.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Knollwood Investment Advisory LLC increased its position in Elutia by 147.8% in the fourth 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 period. Deerfield Management Company L.P. bought a new stake in Elutia in the third quarter valued at $1,221,000. AIGH Capital Management LLC boosted its holdings in shares of Elutia by 17.2% during the first quarter. AIGH Capital Management LLC now owns 3,595,250 shares of the company’s stock valued at $3,775,000 after acquiring an additional 527,065 shares during the period. XTX Topco Ltd acquired a new position in shares of Elutia during the fourth quarter valued at $71,000. Finally, Rossmore Private Capital boosted its holdings in shares of Elutia by 140.0% during the first quarter. Rossmore Private Capital now owns 120,000 shares of the company’s stock valued at $126,000 after acquiring an additional 70,000 shares during the period. Institutional investors and hedge funds own 74.03% of the company’s stock.

Elutia Stock Down 1.8%

Shares of NASDAQ ELUT opened at $0.85 on Thursday. The firm’s 50-day moving average price is $0.92 and its two-hundred day moving average price is $1.03. Elutia has a 52-week low of $0.50 and a 52-week high of $2.13. The stock has a market capitalization of $37.44 million, a P/E ratio of 0.89 and a beta of 0.88.

Elutia (NASDAQ:ELUT) last issued its earnings results on Thursday, August 13th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.02). The company had revenue of $2.43 million during the quarter, compared to analyst estimates of $2.90 million. Elutia had a net margin of 426.93% and a negative return on equity of 407.37%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of Elutia from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 18th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price 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.