Elutia (NASDAQ:ELUT) Price Target Lowered to $6.00 at Lake Street Capital

Elutia (NASDAQ:ELUT) had its target price dropped by Lake Street Capital from $8.00 to $6.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Lake Street Capital’s price objective indicates a potential upside of 358.02% from the company’s previous close.

Elutia Stock Down 3.7%

NASDAQ:ELUT opened at $1.31 on Wednesday. Elutia has a 52 week low of $1.30 and a 52 week high of $5.12. The stock’s fifty day moving average is $2.05 and its two-hundred day moving average is $2.20. The stock has a market capitalization of $55.54 million, a price-to-earnings ratio of -1.24 and a beta of 0.89.

Elutia (NASDAQ:ELUT) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.09). The company had revenue of $6.26 million during the quarter, compared to analysts’ expectations of $6.55 million. On average, sell-side analysts expect that Elutia will post -1.74 EPS for the current fiscal year.

Institutional Investors Weigh In On Elutia

Several large investors have recently added to or reduced their stakes in ELUT. XTX Topco Ltd acquired a new stake in Elutia during the 2nd quarter worth approximately $28,000. OMERS ADMINISTRATION Corp purchased a new stake in shares of Elutia during the first quarter worth $28,000. Jane Street Group LLC acquired a new stake in shares of Elutia in the first quarter valued at $48,000. Arcus Capital Partners LLC purchased a new position in Elutia in the first quarter valued at $51,000. Finally, Northern Trust Corp grew its stake in Elutia by 30.0% during the 4th quarter. Northern Trust Corp now owns 17,957 shares of the company’s stock worth $67,000 after purchasing an additional 4,148 shares in the last quarter. 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.