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

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

Analysts Set New Price Targets

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

Insiders Place Their Bets

In related news, Director Highcape Capital, L.P. bought 420,000 shares of Elutia stock in a transaction that occurred on Monday, February 3rd. The stock was purchased at an average cost of $2.50 per share, with a total value of $1,050,000.00. Following the purchase, 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 40.80% of the company's stock.

Institutional Investors Weigh In On Elutia

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC increased its position in shares of Elutia by 16.4% in the fourth 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 last quarter. Citadel Advisors LLC acquired a new position in shares of Elutia during the 4th quarter worth approximately $84,000. 683 Capital Management LLC bought a new stake in shares of Elutia during the 4th quarter worth approximately $302,000. Northern Trust Corp boosted its holdings in shares of Elutia by 30.0% in the 4th quarter. Northern Trust Corp now owns 17,957 shares of the company's stock valued at $67,000 after buying an additional 4,148 shares during the last quarter. Finally, Silverarc Capital Management LLC boosted its holdings in shares of Elutia by 8.3% in the 4th quarter. Silverarc Capital Management LLC now owns 1,782,271 shares of the company's stock valued at $6,666,000 after buying an additional 136,463 shares during the last quarter. 74.03% of the stock is owned by institutional investors.

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Elutia Stock Up 5.1 %

Shares of ELUT stock traded up $0.14 during trading on Thursday, reaching $2.91. The company's stock had a trading volume of 44,599 shares, compared to its average volume of 46,846. Elutia has a one year low of $2.28 and a one year high of $5.24. The business has a fifty day moving average price of $2.94 and a 200-day moving average price of $3.49. The company has a market cap of $118.54 million, a price-to-earnings ratio of -1.11 and a beta of 0.96.

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.