Elutia (NASDAQ:ELUT) Trading 1.9% Higher - Here's Why

Elutia Inc. (NASDAQ:ELUT - Get Free Report)'s share price was up 1.9% during mid-day trading on Friday . The stock traded as high as $4.77 and last traded at $4.39. Approximately 54,812 shares traded hands during mid-day trading, an increase of 30% from the average daily volume of 42,218 shares. The stock had previously closed at $4.31.

Analysts Set New Price Targets

Separately, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $10.00 target price on shares of Elutia in a research note on Friday, November 15th.

Elutia Price Performance

The company has a market capitalization of $151.72 million, a P/E ratio of -1.68 and a beta of 0.86. The company has a 50 day moving average of $3.81 and a 200-day moving average of $3.81.

Institutional Investors Weigh In On Elutia

A number of large investors have recently made changes to their positions in ELUT. Arcus Capital Partners LLC purchased a new stake in Elutia in the second quarter worth $50,000. Renaissance Technologies LLC raised its holdings in Elutia by 50.5% in the 2nd quarter. Renaissance Technologies LLC now owns 53,616 shares of the company's stock worth $266,000 after purchasing an additional 18,000 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Elutia by 50.3% in the 3rd quarter. Geode Capital Management LLC now owns 188,408 shares of the company's stock worth $718,000 after purchasing an additional 63,047 shares during the period. Perkins Capital Management Inc. lifted its position in shares of Elutia by 9.8% in the 3rd quarter. Perkins Capital Management Inc. now owns 856,552 shares of the company's stock worth $3,263,000 after purchasing an additional 76,450 shares during the period. Finally, AIGH Capital Management LLC boosted its stake in shares of Elutia by 288.8% during the 2nd quarter. AIGH Capital Management LLC now owns 1,697,316 shares of the company's stock valued at $8,419,000 after purchasing an additional 1,260,750 shares in the last quarter. 74.03% of the stock is currently owned by institutional investors.

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.