Elutia (NASDAQ:ELUT) Shares Up 4.7% – Should You Buy?

Elutia Inc. (NASDAQ:ELUT)’s stock price shot up 4.7% on Friday . The company traded as high as $0.7887 and last traded at $0.7230. 796,463 shares changed hands during mid-day trading, an increase of 46% from the average session volume of 544,170 shares. The stock had previously closed at $0.6905.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Wall Street Zen raised shares of Elutia to a “sell” rating in a report on Saturday, November 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Elutia in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $7.00.

Elutia Stock Performance

The company has a market cap of $30.87 million, a price-to-earnings ratio of -0.79 and a beta of 0.62. The firm’s 50-day moving average price is $0.68 and its 200 day moving average price is $1.30.

Elutia (NASDAQ:ELUT) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.15. The business had revenue of $3.32 million during the quarter, compared to the consensus estimate of $6.65 million. As a group, equities research analysts predict that Elutia Inc. will post -1.74 EPS for the current fiscal year.

Insider Buying and Selling at Elutia

In related news, Director Kevin Rakin bought 50,000 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was bought at an average cost of $0.52 per share, for a total transaction of $26,000.00. Following the transaction, the director owned 322,419 shares of the company’s stock, valued at $167,657.88. This represents a 18.35% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Matthew Ferguson purchased 60,000 shares of the stock in a transaction dated Wednesday, December 17th. The stock was bought at an average cost of $0.53 per share, with a total value of $31,800.00. Following the completion of the purchase, the chief financial officer owned 447,110 shares in the company, valued at $236,968.30. The trade was a 15.50% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 194,500 shares of company stock worth $109,910 over the last 90 days. 27.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Elutia

Several large investors have recently bought and sold shares of ELUT. AIGH Capital Management LLC boosted its position in shares of Elutia by 2.1% during the second quarter. AIGH Capital Management LLC now owns 3,451,025 shares of the company’s stock worth $6,833,000 after purchasing an additional 69,610 shares in the last quarter. Deerfield Management Company L.P. bought a new position in Elutia during the third quarter worth about $1,221,000. Citadel Advisors LLC acquired a new position in Elutia in the third quarter valued at about $50,000. Arcus Capital Partners LLC increased its holdings in shares of Elutia by 50.3% in the second quarter. Arcus Capital Partners LLC now owns 30,050 shares of the company’s stock worth $59,000 after acquiring an additional 10,050 shares in the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of Elutia during the third quarter worth about $26,000. Institutional investors own 74.03% of the company’s stock.

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.