Elutia price target lowered to $6 from $8 at Lake Street

Lake Street lowered the firm’s price target on Elutia (ELUT) to $6 from $8 and keeps a Buy rating on the shares, calling the company’s sale of the BioEnvelope business to Boston Scientific (BSX) for $88M “bittersweet.” While acknowledging that the firm hoped for a larger acquisition price, it also argues that the deal removes “several meaningful overhangs” and fully funds the potentially more valuable breast reconstruction business.