Short Interest in Eliem Therapeutics, Inc. (NASDAQ:ELYM) Rises By 5.6%

Eliem Therapeutics, Inc. (NASDAQ:ELYM) saw a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 1,130,000 shares, an increase of 5.6% from the August 15th total of 1,070,000 shares. Approximately 2.2% of the shares of the company are sold short. Based on an average trading volume of 239,800 shares, the days-to-cover ratio is currently 4.7 days.

Insider Activity

In other Eliem Therapeutics news, Director Ra Capital Management, L.P. purchased 13,008,546 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were acquired at an average cost of $3.84 per share, with a total value of $49,952,816.64. Following the completion of the transaction, the director now owns 23,521,757 shares in the company, valued at $90,323,546.88. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Ra Capital Management, L.P. acquired 13,008,546 shares of the stock in a transaction on Thursday, June 27th. The shares were purchased at an average price of $3.84 per share, for a total transaction of $49,952,816.64. Following the purchase, the director now directly owns 23,521,757 shares in the company, valued at $90,323,546.88. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Valerie Morisset sold 12,342 shares of Eliem Therapeutics stock in a transaction on Friday, July 5th. The shares were sold at an average price of $7.06, for a total value of $87,134.52. Following the completion of the transaction, the executive vice president now directly owns 450,614 shares of the company’s stock, valued at $3,181,334.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 293,063 shares of company stock valued at $2,127,517. 4.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eliem Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers acquired a new position in shares of Eliem Therapeutics during the second quarter worth $59,000. Dimensional Fund Advisors LP bought a new position in Eliem Therapeutics during the 2nd quarter worth approximately $89,000. Bank of New York Mellon Corp bought a new stake in shares of Eliem Therapeutics in the 2nd quarter valued at $134,000. Renaissance Technologies LLC increased its position in shares of Eliem Therapeutics by 248.5% during the second quarter. Renaissance Technologies LLC now owns 37,000 shares of the company’s stock worth $263,000 after buying an additional 26,383 shares during the period. Finally, Ally Bridge Group NY LLC bought a new position in Eliem Therapeutics during the second quarter worth $3,555,000. Institutional investors own 69.76% of the company’s stock.

Eliem Therapeutics Trading Up 3.3 %

ELYM stock traded up $0.26 during mid-day trading on Thursday, hitting $8.24. The stock had a trading volume of 44,071 shares, compared to its average volume of 412,955. The firm has a fifty day simple moving average of $7.19 and a 200 day simple moving average of $6.31. Eliem Therapeutics has a 52 week low of $2.35 and a 52 week high of $11.55. The firm has a market capitalization of $245.16 million, a P/E ratio of -15.06 and a beta of -0.35.

Eliem Therapeutics (NASDAQ:ELYM) last issued its earnings results on Wednesday, August 14th. The company reported ($1.81) EPS for the quarter.

Eliem Therapeutics Company Profile

Eliem Therapeutics, Inc, a biotechnology company, focuses on developing therapies for neuronal excitability disorders to address unmet needs in psychiatry, epilepsy, chronic pain, and other disorders of the peripheral and central nervous systems. The company was incorporated in 2018 and is headquartered in Wilmington, Delaware.