Short Interest in Elutia Inc. (NASDAQ:ELUT) Drops By 69.9%

Elutia Inc. (NASDAQ:ELUT) was the recipient of a significant drop in short interest in May. As of May 29th, there was short interest totaling 42,627 shares, a drop of 69.9% from the May 14th total of 141,552 shares. Approximately 0.1% of the company’s stock are sold short. Based on an average daily volume of 104,439 shares, the days-to-cover ratio is presently 0.4 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. AIGH Capital Management LLC boosted its stake in shares of Elutia by 17.2% during the 1st quarter. AIGH Capital Management LLC now owns 3,595,250 shares of the company’s stock worth $3,775,000 after acquiring an additional 527,065 shares during the period. Knollwood Investment Advisory LLC boosted its stake in Elutia by 147.8% in the 4th quarter. Knollwood Investment Advisory LLC now owns 2,556,724 shares of the company’s stock valued at $1,771,000 after purchasing an additional 1,525,157 shares during the period. Deerfield Management Company L.P. bought a new stake in Elutia in the 3rd quarter valued at $1,221,000. Rossmore Private Capital boosted its stake in Elutia by 140.0% in the 1st quarter. Rossmore Private Capital now owns 120,000 shares of the company’s stock valued at $126,000 after purchasing an additional 70,000 shares during the period. Finally, XTX Topco Ltd bought a new stake in Elutia in the 4th quarter valued at $71,000. 74.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on ELUT shares. Weiss Ratings raised Elutia from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, April 10th. Wall Street Zen raised shares of Elutia from a “sell” rating to a “hold” rating in a research report on Sunday, March 22nd. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Elutia presently has an average rating of “Moderate Buy” and an average target price of $6.00.

Elutia Stock Down 7.9%

Shares of NASDAQ ELUT traded down $0.08 during midday trading on Thursday, hitting $0.96. 100,644 shares of the company’s stock were exchanged, compared to its average volume of 180,759. Elutia has a 12 month low of $0.50 and a 12 month high of $2.64. The company’s 50 day moving average price is $1.09 and its 200 day moving average price is $0.95. The firm has a market capitalization of $40.99 million, a PE ratio of 1.11 and a beta of 0.80.

Elutia (NASDAQ:ELUT) last issued its earnings results on Thursday, May 14th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.02). The firm had revenue of $3.11 million during the quarter, compared to the consensus estimate of $3.00 million.

About Elutia

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.