Short Interest in Elutia Inc. (NASDAQ:ELUT) Declines By 69.9%

Elutia Inc. (NASDAQ:ELUT) was the target of a large decline in short interest in the month of May. As of May 29th, there was short interest totaling 42,627 shares, a decline of 69.9% from the May 14th total of 141,552 shares. Approximately 0.1% of the shares of the company are sold short. Based on an average daily volume of 104,439 shares, the days-to-cover ratio is currently 0.4 days.

Elutia Trading Down 7.9%

NASDAQ ELUT traded down $0.08 during midday trading on Thursday, hitting $0.96. The company had a trading volume of 100,644 shares, compared to its average volume of 180,759. The company has a market capitalization of $40.99 million, a PE ratio of 1.11 and a beta of 0.80. The firm has a 50-day moving average price of $1.09 and a 200-day moving average price of $0.95. Elutia has a twelve month low of $0.50 and a twelve month high of $2.64.

Elutia (NASDAQ:ELUT) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.02). The business had revenue of $3.11 million during the quarter, compared to analysts’ expectations of $3.00 million.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Elutia

A number of institutional investors have recently modified their holdings of the business. AIGH Capital Management LLC raised its holdings in shares of Elutia by 17.2% during the 1st quarter. AIGH Capital Management LLC now owns 3,595,250 shares of the company’s stock worth $3,775,000 after buying an additional 527,065 shares in the last quarter. Knollwood Investment Advisory LLC raised its holdings in shares of Elutia by 147.8% during 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 in the last quarter. Deerfield Management Company L.P. acquired a new position in shares of Elutia during the 3rd quarter worth $1,221,000. Rossmore Private Capital raised its holdings in shares of Elutia by 140.0% during the 1st quarter. Rossmore Private Capital now owns 120,000 shares of the company’s stock worth $126,000 after buying an additional 70,000 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Elutia during the 4th quarter worth $71,000. 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.