Elutia (NASDAQ:ELUT) Trading Up 1.9% – Here’s Why

Elutia Inc. (NASDAQ:ELUT)’s share price shot up 1.9% during trading on Friday . The stock traded as high as $4.77 and last traded at $4.39. 54,812 shares changed hands during mid-day trading, an increase of 30% from the average session volume of 42,218 shares. The stock had previously closed at $4.31.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $10.00 price objective on shares of Elutia in a research note on Friday, November 15th.

Elutia Stock Up 1.9 %

The stock has a market cap of $151.72 million, a PE ratio of -1.68 and a beta of 0.86. The firm’s fifty day moving average price is $3.80 and its 200 day moving average price is $3.80.

Hedge Funds Weigh In On Elutia

Several institutional investors have recently bought and sold shares of ELUT. AIGH Capital Management LLC increased its stake in Elutia by 288.8% during the second quarter. AIGH Capital Management LLC now owns 1,697,316 shares of the company’s stock worth $8,419,000 after acquiring an additional 1,260,750 shares during the last quarter. Nantahala Capital Management LLC raised its position in Elutia by 8.8% in the 2nd quarter. Nantahala Capital Management LLC now owns 1,795,697 shares of the company’s stock worth $8,907,000 after purchasing an additional 145,697 shares during the period. Arcus Capital Partners LLC lifted its stake in Elutia by 100.0% in the third quarter. Arcus Capital Partners LLC now owns 20,000 shares of the company’s stock worth $76,000 after purchasing an additional 10,000 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Elutia by 50.5% during the second quarter. Renaissance Technologies LLC now owns 53,616 shares of the company’s stock valued at $266,000 after buying an additional 18,000 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Elutia by 50.3% during the third quarter. Geode Capital Management LLC now owns 188,408 shares of the company’s stock valued at $718,000 after buying an additional 63,047 shares during the last quarter. Institutional investors own 74.03% of the company’s stock.

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.