Insider Buying: Elutia (NASDAQ:ELUT) Director Purchases 50,000 Shares of Stock

Elutia Inc. (NASDAQ:ELUT) Director Kevin Rakin purchased 50,000 shares of the company’s stock in a transaction dated Wednesday, December 17th. The stock was acquired at an average price of $0.52 per share, with a total value of $26,000.00. Following the completion of the transaction, the director owned 322,419 shares of the company’s stock, valued at $167,657.88. This represents a 18.35% increase in their position. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website.

Elutia Price Performance

NASDAQ:ELUT traded up $0.04 during trading hours on Friday, reaching $0.59. 912,184 shares of the company were exchanged, compared to its average volume of 126,956. The business has a 50 day moving average of $0.77 and a 200 day moving average of $1.44. Elutia Inc. has a 1-year low of $0.50 and a 1-year high of $4.84. The company has a market capitalization of $25.04 million, a P/E ratio of -0.64 and a beta of 0.63.

Elutia (NASDAQ:ELUT) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.15. The company had revenue of $3.32 million during the quarter, compared to analyst estimates of $6.65 million. As a group, equities research analysts anticipate that Elutia Inc. will post -1.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Elutia

Institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC acquired a new stake in Elutia in the third quarter valued at approximately $26,000. OMERS ADMINISTRATION Corp bought a new position in shares of Elutia in the 1st quarter valued at $28,000. XTX Topco Ltd acquired a new stake in shares of Elutia during the 2nd quarter valued at $28,000. Jane Street Group LLC bought a new stake in Elutia during the 1st quarter worth $48,000. Finally, Citadel Advisors LLC acquired a new position in Elutia in the 3rd quarter worth about $50,000. 74.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ELUT has been the topic of several recent analyst reports. Lake Street Capital decreased their target price on shares of Elutia from $8.00 to $6.00 and set a “buy” rating on the stock in a report on Wednesday, September 10th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Elutia in a research report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Elutia to a “sell” rating in a research report on Saturday, November 8th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $7.00.

Elutia Company Profile

Elutia, Inc is a biopharmaceutical company focused on the development of novel nitric oxide therapies based on its proprietary polymeric nitric oxide platform. This technology is designed to enable sustained, controlled release of nitric oxide to targeted tissues, potentially overcoming the delivery challenges associated with gaseous nitric oxide and small‐molecule donors.

The company’s lead program is in preclinical development for pulmonary arterial hypertension, with additional research efforts aimed at other cardiovascular and respiratory conditions.