Elutia (NASDAQ:ELUT) Trading Up 3.7% – Here’s What Happened

Elutia Inc. (NASDAQ:ELUT)’s share price rose 3.7% on Monday . The stock traded as high as $1.15 and last traded at $1.12. Approximately 56,533 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 231,931 shares. The stock had previously closed at $1.08.

Analyst Upgrades and Downgrades

ELUT has been the subject of a number of recent analyst reports. Wall Street Zen upgraded Elutia to a “sell” rating in a research report on Saturday, November 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Elutia in a research note on Wednesday, January 21st. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $7.00.

Elutia Price Performance

The stock has a market cap of $47.82 million, a price-to-earnings ratio of -1.22 and a beta of 0.67. The firm has a fifty day moving average of $0.83 and a 200 day moving average of $1.05.

Insider Transactions at Elutia

In other news, Director Kevin Rakin bought 70,000 shares of the firm’s stock in a transaction on Friday, January 30th. The shares were bought at an average cost of $1.06 per share, for a total transaction of $74,200.00. Following the acquisition, the director directly owned 196,120 shares of the company’s stock, valued at $207,887.20. This trade represents a 55.50% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Matthew Ferguson purchased 60,000 shares of the business’s stock in a transaction dated Wednesday, December 17th. The shares were purchased at an average price of $0.53 per share, with a total value of $31,800.00. Following the acquisition, the chief financial officer directly owned 447,110 shares in the company, valued at approximately $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 purchased 265,500 shares of company stock valued at $196,215 in the last three months. 27.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. XTX Topco Ltd purchased a new stake in Elutia in the second quarter valued at $28,000. Jane Street Group LLC acquired a new stake in shares of Elutia during the 1st quarter worth about $48,000. Virtu Financial LLC acquired a new stake in shares of Elutia during the 3rd quarter worth about $26,000. FNY Investment Advisers LLC acquired a new position in Elutia in the fourth quarter valued at about $25,000. Finally, Renaissance Technologies LLC boosted its stake in Elutia by 64.7% during the fourth quarter. Renaissance Technologies LLC now owns 102,116 shares of the company’s stock worth $71,000 after buying an additional 40,123 shares during the period. 74.03% of the stock is currently owned by hedge funds and other institutional investors.

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.