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

Elutia Inc. (NASDAQ:ELUT) was the target of a significant drop in short interest in February. As of February 13th, there was short interest totaling 133,959 shares, a drop of 17.2% from the January 29th total of 161,769 shares. Approximately 0.4% of the company’s stock are short sold. Based on an average daily volume of 151,978 shares, the short-interest ratio is presently 0.9 days. Based on an average daily volume of 151,978 shares, the short-interest ratio is presently 0.9 days. Approximately 0.4% of the company’s stock are short sold.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Elutia to a “sell” rating in a research note on Saturday, November 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Elutia in a research report on Wednesday, January 21st. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $7.00.

Elutia Price Performance

Shares of Elutia stock traded down $0.01 on Tuesday, hitting $1.14. The company had a trading volume of 3,181 shares, compared to its average volume of 271,887. Elutia has a 52 week low of $0.50 and a 52 week high of $3.46. The company has a market cap of $48.46 million, a PE ratio of -1.23 and a beta of 0.65. The business has a 50-day simple moving average of $0.89 and a 200-day simple moving average of $1.02.

Insider Activity

In other Elutia news, Director Kevin Rakin bought 70,000 shares of the company’s stock in a transaction on Friday, January 30th. The shares were bought at an average cost of $1.06 per share, with a total value 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matthew Ferguson purchased 60,000 shares of Elutia stock in a transaction dated Wednesday, December 17th. The stock was acquired at an average price of $0.53 per share, for a total transaction of $31,800.00. Following the completion of the transaction, the chief financial officer owned 447,110 shares in the company, valued at approximately $236,968.30. The trade was a 15.50% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders purchased 255,500 shares of company stock valued at $189,605. 27.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Elutia

A number of institutional investors and hedge funds have recently modified their holdings of the stock. XTX Topco Ltd purchased a new stake in Elutia during the second quarter valued at about $28,000. Jane Street Group LLC acquired a new stake in shares of Elutia during the first quarter valued at approximately $48,000. Virtu Financial LLC purchased a new stake in shares of Elutia in the 3rd quarter valued at approximately $26,000. FNY Investment Advisers LLC acquired a new position in Elutia in the 4th quarter worth approximately $25,000. Finally, Renaissance Technologies LLC boosted its stake 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 purchasing an additional 40,123 shares during the period. Institutional investors and hedge funds 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.