Elutia Inc. (NASDAQ:ELUT) Short Interest Down 34.8% in August

Elutia Inc. (NASDAQ:ELUT) saw a significant drop in short interest in the month of August. As of August 14th, there was short interest totaling 25,859 shares, a drop of 34.8% from the July 30th total of 39,655 shares. Based on an average daily volume of 40,564 shares, the days-to-cover ratio is currently 0.6 days. Approximately 0.1% of the shares of the company are sold short.

Hedge Funds Weigh In On Elutia

Several hedge funds and other institutional investors have recently modified their holdings of the business. XTX Topco Ltd acquired a new position in shares of Elutia during the 2nd quarter worth $28,000. Jane Street Group LLC acquired a new stake in Elutia in the first quarter valued at about $48,000. Virtu Financial LLC bought a new position in Elutia in the third quarter valued at about $26,000. Renaissance Technologies LLC grew its position in Elutia by 64.7% in the fourth quarter. Renaissance Technologies LLC now owns 102,116 shares of the company’s stock valued at $71,000 after acquiring an additional 40,123 shares during the last quarter. Finally, Rossmore Private Capital acquired a new position in Elutia during the fourth quarter worth about $35,000. Institutional investors own 74.03% of the company’s stock.

Elutia Trading Up 4.4%

ELUT stock traded up $0.04 during mid-day trading on Wednesday, hitting $0.90. The stock had a trading volume of 267 shares, compared to its average volume of 145,718. Elutia has a 52 week low of $0.50 and a 52 week high of $2.13. The firm has a market capitalization of $39.82 million, a P/E ratio of 0.95 and a beta of 0.87. The firm has a fifty day simple moving average of $0.92 and a 200 day simple moving average of $1.03.

Elutia (NASDAQ:ELUT) last issued its earnings results on Thursday, August 13th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.02). The firm had revenue of $2.43 million during the quarter, compared to analyst estimates of $2.90 million. Elutia had a net margin of 426.93% and a negative return on equity of 407.37%.

Analysts Set New Price Targets

Separately, Weiss Ratings cut Elutia from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 18th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Elutia presently has an average rating of “Hold” and a consensus price target of $6.00.

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.