Insider Buying: Elutia Inc. (NASDAQ:ELUT) Director Buys $1,050,000.00 in Stock

Elutia Inc. (NASDAQ:ELUT) Director Highcape Capital, L.P. bought 420,000 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were purchased at an average cost of $2.50 per share, for a total transaction of $1,050,000.00. Following the transaction, the director now owns 9,520,232 shares in the company, valued at approximately $23,800,580. This represents a 4.62 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Elutia Stock Performance

Shares of NASDAQ:ELUT opened at $3.18 on Friday. The firm has a market capitalization of $109.91 million, a PE ratio of -1.22 and a beta of 0.86. Elutia Inc. has a 52-week low of $2.28 and a 52-week high of $5.24. The firm has a fifty day moving average of $3.04 and a 200 day moving average of $3.61.

Analyst Upgrades and Downgrades

Separately, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $8.00 target price on shares of Elutia in a report on Friday, March 7th.

Hedge Funds Weigh In On Elutia

A number of large investors have recently modified their holdings of ELUT. Northern Trust Corp boosted its stake in shares of Elutia by 30.0% in the 4th quarter. Northern Trust Corp now owns 17,957 shares of the company’s stock valued at $67,000 after purchasing an additional 4,148 shares in the last quarter. Citadel Advisors LLC purchased a new position in shares of Elutia in the fourth quarter worth $84,000. Millennium Management LLC raised its holdings in Elutia by 16.4% during the 4th quarter. Millennium Management LLC now owns 45,217 shares of the company’s stock valued at $169,000 after buying an additional 6,386 shares during the last quarter. 683 Capital Management LLC bought a new position in shares of Elutia during the fourth quarter valued at about $302,000. Finally, Geode Capital Management LLC lifted its holdings in Elutia by 50.3% in the 3rd quarter. Geode Capital Management LLC now owns 188,408 shares of the company’s stock worth $718,000 after buying an additional 63,047 shares during the period. 74.03% of the stock is owned by hedge funds and other institutional investors.

Elutia Company Profile

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.