Elutia (NASDAQ:ELUT) Share Price Breaks Above 50-Day Moving Average – What’s Next?

Elutia Inc. (NASDAQ:ELUT) passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $0.83 and traded as high as $0.86. Elutia shares last traded at $0.8371, with a volume of 138,308 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded shares of Elutia from a “sell (d)” rating to a “sell (e+)” rating in a research note on Thursday, October 8th. One analyst has rated the stock with a Sell rating. According to MarketBeat, the company has a consensus rating of “Sell”.

Elutia Stock Performance

The company has a market capitalization of $37.08 million, a price-to-earnings ratio of 0.88 and a beta of 0.84. The business’s 50 day moving average is $0.83 and its 200 day moving average is $0.97.

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

Hedge Funds Weigh In On Elutia

A hedge fund recently raised its stake in Elutia stock. AIGH Capital Management LLC grew its holdings in Elutia Inc. (NASDAQ:ELUT) by 17.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,595,250 shares of the company’s stock after buying an additional 527,065 shares during the quarter. Elutia accounts for 0.5% of AIGH Capital Management LLC’s investment portfolio, making the stock its 27th largest position. AIGH Capital Management LLC owned about 8.40% of Elutia worth $3,775,000 as of its most recent SEC filing. Institutional investors own 74.03% of the company’s stock.

Elutia Company Profile

Elutia Inc is a medical technology company focused on developing and commercializing biologic products designed to support tissue healing and improve the performance of implantable medical devices. The company combines human tissue-based materials with drug-delivery and regenerative medicine technologies.

Its product portfolio includes biologic envelopes used to protect and support cardiac implantable electronic devices, including pacemakers and defibrillators. Elutia also develops tissue matrices and other biologic products for orthopedic, wound care and related surgical applications, with products intended to support soft-tissue repair, reconstruction and healing.

The company was formerly known as Aziyo Biologics and adopted the Elutia name as part of its broader focus on bioelectronic medicine and regenerative healthcare.