Eliem Therapeutics, Inc. (NASDAQ:ELYM) Sees Large Increase in Short Interest

Eliem Therapeutics, Inc. (NASDAQ:ELYM – Get Rating) was the target of a large increase in short interest in the month of February. As of February 28th, there was short interest totalling 43,700 shares, an increase of 39.6% from the February 13th total of 31,300 shares. Approximately 0.3% of the shares of the company are sold short. Based on an average daily volume of 17,500 shares, the days-to-cover ratio is presently 2.5 days.

Hedge Funds Weigh In On Eliem Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Chicago Partners Investment Group LLC raised its stake in shares of Eliem Therapeutics by 77.9% in the first quarter. Chicago Partners Investment Group LLC now owns 22,209 shares of the company’s stock worth $81,000 after purchasing an additional 9,723 shares during the last quarter. Bank of Montreal Can purchased a new stake in Eliem Therapeutics in the fourth quarter valued at $93,000. Parkwood LLC grew its stake in shares of Eliem Therapeutics by 34.4% in the first quarter. Parkwood LLC now owns 41,133 shares of the company’s stock valued at $345,000 after buying an additional 10,524 shares in the last quarter. Atom Investors LP grew its stake in Eliem Therapeutics by 154.9% during the 3rd quarter. Atom Investors LP now owns 67,074 shares of the company’s stock worth $217,000 after purchasing an additional 40,765 shares in the last quarter. Finally, Silverarc Capital Management LLC acquired a new position in shares of Eliem Therapeutics during the 1st quarter worth about $741,000. Institutional investors own 63.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a “neutral” rating and set a $6.00 price target on shares of Eliem Therapeutics in a research note on Wednesday, March 8th.

Eliem Therapeutics Trading Down 8.6 %

NASDAQ ELYM opened at $2.75 on Tuesday. The stock has a market cap of $73.07 million, a PE ratio of -1.60 and a beta of 0.53. Eliem Therapeutics has a 12 month low of $2.21 and a 12 month high of $10.79. The stock’s 50 day moving average is $3.51 and its 200 day moving average is $3.19.

About Eliem Therapeutics

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Eliem Therapeutics, Inc, a clinical-stage biotechnology company, focuses on developing therapies for neuronal excitability disorders to address unmet needs in chronic pain, neuropsychiatry, epilepsy, and other disorders of the peripheral and central nervous systems. Its two lead drug candidates are ETX-810 for chronic pain, which is in Phase IIa clinical trial; and ETX-155 for the treatment of major depressive disorder, perimenopausal depression, and focal onset seizures that is in Phase I clinical trial.