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

Elutia Inc. (NASDAQ:ELUT) was the target of a large decrease in short interest in March. As of March 15th, there was short interest totalling 47,300 shares, a decrease of 30.1% from the February 28th total of 67,700 shares. Currently, 0.2% of the shares of the stock are short sold. Based on an average trading volume of 45,300 shares, the short-interest ratio is currently 1.0 days.

Insider Transactions at Elutia

In other Elutia news, Director Highcape Capital, L.P. bought 420,000 shares of Elutia stock in a transaction dated Monday, February 3rd. The shares were purchased at an average cost of $2.50 per share, for a total transaction of $1,050,000.00. Following the acquisition, the director now directly owns 9,520,232 shares in the company, valued at approximately $23,800,580. This represents a 4.62 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders own 40.80% of the company’s stock.

Institutional Trading of Elutia

Hedge funds and other institutional investors have recently bought and sold shares of the stock. AIGH Capital Management LLC raised its stake in Elutia by 22.5% in the fourth quarter. AIGH Capital Management LLC now owns 3,074,675 shares of the company’s stock valued at $11,499,000 after buying an additional 564,233 shares during the last quarter. Silverarc Capital Management LLC boosted its holdings in Elutia by 8.3% in the fourth quarter. Silverarc Capital Management LLC now owns 1,782,271 shares of the company’s stock valued at $6,666,000 after purchasing an additional 136,463 shares during the last quarter. Geode Capital Management LLC grew its position in Elutia by 50.3% during the 3rd quarter. Geode Capital Management LLC now owns 188,408 shares of the company’s stock worth $718,000 after purchasing an additional 63,047 shares during the period. 683 Capital Management LLC acquired a new position in shares of Elutia in the 4th quarter valued at about $302,000. Finally, Millennium Management LLC boosted its stake in shares of Elutia by 16.4% in the fourth quarter. Millennium Management LLC now owns 45,217 shares of the company’s stock worth $169,000 after buying an additional 6,386 shares during the last quarter. Institutional investors own 74.03% of the company’s stock.

Analysts Set New Price Targets

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

Elutia Trading Up 0.4 %

Shares of ELUT stock traded up $0.01 during trading hours on Tuesday, reaching $2.65. 24,341 shares of the stock were exchanged, compared to its average volume of 46,566. The firm has a market capitalization of $107.95 million, a price-to-earnings ratio of -1.00 and a beta of 0.86. The company’s 50-day moving average price is $2.96 and its 200-day moving average price is $3.51. Elutia has a 12-month low of $2.28 and a 12-month high of $5.24.

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.