Short Interest in Elutia Inc. (NASDAQ:ELUT) Increases By 468.3%

Elutia Inc. (NASDAQ:ELUT) saw a significant growth in short interest during the month of August. As of August 15th, there was short interest totalling 113,100 shares, a growth of 468.3% from the July 31st total of 19,900 shares. Based on an average trading volume of 78,400 shares, the days-to-cover ratio is currently 1.4 days. Approximately 0.7% of the company’s shares are sold short.

Elutia Price Performance

Shares of NASDAQ:ELUT traded up $0.02 during trading hours on Wednesday, hitting $4.01. 6,399 shares of the company’s stock traded hands, compared to its average volume of 43,595. Elutia has a 1 year low of $1.10 and a 1 year high of $5.24. The business has a fifty day moving average price of $3.83 and a 200-day moving average price of $3.46. The firm has a market capitalization of $97.33 million, a P/E ratio of -1.68 and a beta of 0.72.

Institutional Trading of Elutia

A number of large investors have recently modified their holdings of ELUT. Verdence Capital Advisors LLC purchased a new stake in shares of Elutia in the first quarter valued at approximately $45,000. Arcus Capital Partners LLC purchased a new stake in shares of Elutia in the second quarter valued at approximately $50,000. Renaissance Technologies LLC boosted its holdings in shares of Elutia by 50.5% in the second quarter. Renaissance Technologies LLC now owns 53,616 shares of the company’s stock valued at $266,000 after purchasing an additional 18,000 shares during the period. Perkins Capital Management Inc. purchased a new stake in shares of Elutia in the first quarter valued at approximately $2,512,000. Finally, AIGH Capital Management LLC boosted its holdings in shares of Elutia by 288.8% in the second quarter. AIGH Capital Management LLC now owns 1,697,316 shares of the company’s stock valued at $8,419,000 after purchasing an additional 1,260,750 shares during the period. Hedge funds and other institutional investors own 74.03% of the company’s stock.

Wall Street Analysts Forecast Growth

ELUT has been the subject of several recent analyst reports. Lake Street Capital boosted their target price on Elutia from $5.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, June 21st. Cantor Fitzgerald dropped their target price on Elutia from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th.

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.