Short Interest in Elutia Inc. (NASDAQ:ELUT) Rises By 106.2%

Elutia Inc. (NASDAQ:ELUT) saw a significant growth in short interest in the month of June. As of June 30th, there was short interest totaling 52,925 shares, a growth of 106.2% from the June 15th total of 25,665 shares. Based on an average daily volume of 82,561 shares, the days-to-cover ratio is presently 0.6 days. Currently, 0.2% of the shares of the company are short sold.

Elutia Trading Up 4.1%

ELUT stock traded up $0.04 during trading on Wednesday, hitting $0.95. The company had a trading volume of 13,111 shares, compared to its average volume of 161,928. The firm has a market capitalization of $40.60 million, a price-to-earnings ratio of 1.10 and a beta of 0.85. The business has a 50 day moving average of $1.02 and a 200 day moving average of $1.01. Elutia has a fifty-two week low of $0.50 and a fifty-two week high of $2.50.

Elutia (NASDAQ:ELUT) last announced its earnings results on Thursday, May 14th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.02). The company had revenue of $3.11 million for the quarter, compared to analysts’ expectations of $3.00 million.

Institutional Investors Weigh In On Elutia

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ELUT. Rossmore Private Capital lifted its position in Elutia by 140.0% in the first quarter. Rossmore Private Capital now owns 120,000 shares of the company’s stock worth $126,000 after purchasing an additional 70,000 shares during the period. AIGH Capital Management LLC increased its position 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 valued at $3,775,000 after purchasing an additional 527,065 shares during the period. XTX Topco Ltd bought a new stake in shares of Elutia in the 4th quarter worth $71,000. Knollwood Investment Advisory LLC raised its stake in shares of Elutia by 147.8% in the 4th quarter. Knollwood Investment Advisory LLC now owns 2,556,724 shares of the company’s stock worth $1,771,000 after buying an additional 1,525,157 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of 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 buying an additional 40,123 shares during the period. Institutional investors own 74.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ELUT shares. Weiss Ratings upgraded Elutia from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, July 7th. Wall Street Zen upgraded Elutia from a “sell” rating to a “hold” rating in a research report on Sunday, March 22nd. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.00.

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.