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

Elutia Inc. (NASDAQ:ELUT) was the recipient of a large decrease in short interest in the month of 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. Based on an average trading volume of 45,300 shares, the short-interest ratio is currently 1.0 days. Currently, 0.2% of the company’s stock are sold short.

Insiders Place Their Bets

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, with a total value of $1,050,000.00. Following the transaction, the director now directly owns 9,520,232 shares of the company’s stock, valued at $23,800,580. This represents a 4.62 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 40.80% of the company’s stock.

Institutional Trading of Elutia

Several institutional investors have recently made changes to their positions in ELUT. Northern Trust Corp lifted its holdings in Elutia by 30.0% in the 4th 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. Millennium Management LLC lifted its holdings 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 in the last quarter. Citadel Advisors LLC bought a new position in shares of Elutia during the fourth quarter worth $84,000. Geode Capital Management LLC grew its stake in 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 acquiring an additional 63,047 shares in the last quarter. Finally, 683 Capital Management LLC bought a new stake in Elutia in the 4th quarter valued at $302,000. Hedge funds and other institutional investors own 74.03% of the company’s stock.

Elutia Trading Up 0.4 %

Elutia stock traded up $0.01 during midday trading on Tuesday, hitting $2.65. The stock had a trading volume of 24,341 shares, compared to its average volume of 46,566. Elutia has a 52-week low of $2.28 and a 52-week high of $5.24. The company has a market capitalization of $107.95 million, a PE ratio of -1.00 and a beta of 0.86. The firm’s fifty day moving average is $2.96 and its two-hundred day moving average is $3.51.

Analysts Set New Price Targets

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

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.