Short Interest in Elutia Inc. (NASDAQ:ELUT) Drops By 29.8%

Elutia Inc. (NASDAQ:ELUT) saw a significant decline in short interest in February. As of February 28th, there was short interest totalling 67,700 shares, a decline of 29.8% from the February 13th total of 96,400 shares. Approximately 0.3% of the shares of the stock are short sold. Based on an average trading volume of 41,100 shares, the short-interest ratio is presently 1.6 days.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, Director Highcape Capital, L.P. bought 420,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was bought at an average cost of $2.50 per share, for a total transaction of $1,050,000.00. Following the completion of the transaction, the director now owns 9,520,232 shares of the company’s stock, valued at approximately $23,800,580. The trade was a 4.62 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 40.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Elutia

A number of institutional investors and hedge funds have recently made changes to their positions in ELUT. Northern Trust Corp increased its stake in shares of Elutia by 30.0% during the fourth quarter. Northern Trust Corp now owns 17,957 shares of the company’s stock valued at $67,000 after purchasing an additional 4,148 shares in the last quarter. Citadel Advisors LLC bought a new position in shares of Elutia during the fourth quarter valued at approximately $84,000. Millennium Management LLC increased its stake in shares of 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 in the last quarter. 683 Capital Management LLC bought a new position in shares of Elutia during the fourth quarter valued at approximately $302,000. Finally, Geode Capital Management LLC increased its stake in shares of Elutia by 50.3% during the third quarter. Geode Capital Management LLC now owns 188,408 shares of the company’s stock valued at $718,000 after purchasing an additional 63,047 shares in the last quarter. Institutional investors own 74.03% of the company’s stock.

Elutia Price Performance

ELUT stock traded down $0.07 during trading on Friday, reaching $3.18. The company had a trading volume of 34,987 shares, compared to its average volume of 38,575. Elutia has a 52 week low of $2.28 and a 52 week high of $5.24. The company has a market cap of $109.91 million, a P/E ratio of -1.22 and a beta of 0.86. The business has a 50 day moving average of $3.04 and a 200 day moving average of $3.61.

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.