Short Interest in Elutia Inc. (NASDAQ:ELUT) Decreases By 39.8%

Elutia Inc. (NASDAQ:ELUT) was the target of a significant decrease in short interest in the month of June. As of June 15th, there was short interest totaling 25,665 shares, a decrease of 39.8% from the May 31st total of 42,627 shares. Based on an average trading volume of 112,225 shares, the days-to-cover ratio is currently 0.2 days. Approximately 0.1% of the company’s shares are short sold.

Institutional Investors Weigh In On Elutia

Several large investors have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC bought a new position in Elutia in the 4th quarter worth about $25,000. Virtu Financial LLC purchased a new stake in shares of Elutia in the third quarter valued at approximately $26,000. XTX Topco Ltd purchased a new stake in shares of Elutia in the second quarter valued at approximately $28,000. Rossmore Private Capital bought a new position in Elutia in the fourth quarter worth approximately $35,000. Finally, Jane Street Group LLC bought a new position in Elutia in the first quarter worth approximately $48,000. 74.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ELUT has been the subject of a number of recent analyst reports. Weiss Ratings cut shares of Elutia from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, June 17th. Wall Street Zen raised shares of Elutia from a “sell” rating to a “hold” rating in a research report on Sunday, March 22nd. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $6.00.

Elutia Stock Performance

Elutia stock remained flat at $0.93 during mid-day trading on Friday. The company’s stock had a trading volume of 17,560 shares, compared to its average volume of 90,407. The company has a 50 day simple moving average of $1.04 and a 200 day simple moving average of $0.99. Elutia has a 12 month low of $0.50 and a 12 month high of $2.64. The company has a market capitalization of $39.87 million, a PE ratio of 1.08 and a beta of 0.85.

Elutia (NASDAQ:ELUT) last released its earnings results on Thursday, May 14th. The company reported ($0.17) earnings per share 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 analyst estimates 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.