Insider Buying: Elutia Inc. (NASDAQ:ELUT) Director Buys 420,000 Shares of Stock

Elutia Inc. (NASDAQ:ELUT - Get Free Report) Director Highcape Capital, L.P. purchased 420,000 shares of the business's stock in a transaction dated Monday, February 3rd. The shares were acquired at an average price of $2.50 per share, with a total value of $1,050,000.00. Following the completion of the acquisition, the director now owns 9,520,232 shares of the company's stock, valued at approximately $23,800,580. The trade was a 4.62 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Elutia Stock Up 0.3 %

Elutia stock traded up $0.01 during mid-day trading on Monday, hitting $3.19. 16,422 shares of the company were exchanged, compared to its average volume of 38,111. The business has a fifty day moving average of $3.04 and a 200 day moving average of $3.60. Elutia Inc. has a 1-year low of $2.28 and a 1-year high of $5.24. The company has a market capitalization of $110.22 million, a PE ratio of -1.22 and a beta of 0.86.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald restated an "overweight" rating and issued a $8.00 target price on shares of Elutia in a research note on Friday, March 7th.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Northern Trust Corp raised its holdings in shares of Elutia by 30.0% in the fourth 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. Citadel Advisors LLC acquired a new stake in Elutia in the fourth quarter worth about $84,000. Millennium Management LLC increased its position in 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 purchasing an additional 6,386 shares during the period. 683 Capital Management LLC acquired a new stake in Elutia in the fourth quarter worth about $302,000. Finally, Geode Capital Management LLC increased its position in Elutia by 50.3% in the third 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. 74.03% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

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.