Elutia Inc. (NASDAQ:ELUT) Short Interest Down 30.1% in March

Elutia Inc. (NASDAQ:ELUT) saw a significant decline in short interest in March. As of March 15th, there was short interest totalling 47,300 shares, a decline of 30.1% from the February 28th total of 67,700 shares. Approximately 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 presently 1.0 days.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Elutia news, Director Highcape Capital, L.P. bought 420,000 shares of Elutia stock in a transaction that occurred on Monday, February 3rd. The shares were bought at an average price of $2.50 per share, with a total value of $1,050,000.00. Following the acquisition, the director now owns 9,520,232 shares in the company, valued at approximately $23,800,580. This trade represents a 4.62 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 40.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Elutia

A number of large investors have recently made changes to their positions in ELUT. Northern Trust Corp raised its holdings in Elutia by 30.0% in the fourth quarter. Northern Trust Corp now owns 17,957 shares of the company’s stock worth $67,000 after purchasing an additional 4,148 shares in the last quarter. Citadel Advisors LLC bought a new position in shares of Elutia in the 4th quarter worth about $84,000. Millennium Management LLC lifted its position in Elutia by 16.4% during the 4th quarter. Millennium Management LLC now owns 45,217 shares of the company’s stock valued at $169,000 after acquiring an additional 6,386 shares during the period. 683 Capital Management LLC bought a new stake in Elutia during the fourth quarter worth about $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. 74.03% of the stock is currently owned by institutional investors.

Elutia Stock Performance

Shares of NASDAQ ELUT traded down $0.09 during mid-day trading on Monday, hitting $2.56. The stock had a trading volume of 12,768 shares, compared to its average volume of 46,705. The business has a 50 day moving average price of $2.97 and a two-hundred day moving average price of $3.52. Elutia has a 1 year low of $2.28 and a 1 year high of $5.24. The firm has a market cap of $104.08 million, a P/E ratio of -0.98 and a beta of 0.86.

About Elutia

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.