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

Elutia Inc. (NASDAQ:ELUT - Get Free Report) saw a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 65,000 shares, a growth of 37.4% from the March 15th total of 47,300 shares. Based on an average trading volume of 42,600 shares, the short-interest ratio is presently 1.5 days. Approximately 0.3% of the company's shares are sold short.

Elutia Stock Performance

ELUT traded down $0.03 during trading on Wednesday, reaching $2.24. 5,916 shares of the stock were exchanged, compared to its average volume of 40,979. The stock has a market cap of $91.25 million, a P/E ratio of -0.86 and a beta of 0.96. The stock's 50 day moving average price is $2.78 and its two-hundred day moving average price is $3.33. Elutia has a twelve month low of $1.87 and a twelve month high of $5.24.

Insider Buying and Selling at Elutia

In other Elutia news, Director Highcape Capital, L.P. bought 420,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was acquired 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 $23,800,580. This trade represents a 4.62 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 27.60% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. AIGH Capital Management LLC raised its stake in Elutia by 22.5% in the 4th quarter. AIGH Capital Management LLC now owns 3,074,675 shares of the company's stock valued at $11,499,000 after acquiring an additional 564,233 shares during the period. Silverarc Capital Management LLC lifted its stake in shares of Elutia by 8.3% during the 4th quarter. Silverarc Capital Management LLC now owns 1,782,271 shares of the company's stock worth $6,666,000 after buying an additional 136,463 shares during the last quarter. 683 Capital Management LLC bought a new stake in shares of Elutia during the 4th quarter worth about $302,000. Geode Capital Management LLC grew its stake in Elutia by 50.3% in the 3rd quarter. Geode Capital Management LLC now owns 188,408 shares of the company's stock valued at $718,000 after buying an additional 63,047 shares during the last quarter. Finally, Citadel Advisors LLC bought a new position in Elutia in the 4th quarter valued at about $84,000. 74.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

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.