Eledon Pharmaceuticals (NASDAQ:ELDN) Rating Increased to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Eledon Pharmaceuticals (NASDAQ:ELDN) from a strong sell rating to a sell rating in a report published on Saturday morning.

Other equities research analysts also recently issued reports about the company. Rodman & Renshaw initiated coverage on Eledon Pharmaceuticals in a report on Tuesday, July 21st. They issued a “buy” rating and a $12.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a report on Wednesday, June 24th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $9.67.

Eledon Pharmaceuticals Stock Down 4.3%

Shares of ELDN stock opened at $3.54 on Friday. Eledon Pharmaceuticals has a 12-month low of $1.35 and a 12-month high of $4.60. The firm has a market capitalization of $273.25 million, a price-to-earnings ratio of -3.89 and a beta of 0.98. The firm has a fifty day moving average of $3.73 and a 200-day moving average of $3.28.

Eledon Pharmaceuticals (NASDAQ:ELDN) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.11). Research analysts expect that Eledon Pharmaceuticals will post -0.74 earnings per share for the current year.

Hedge Funds Weigh In On Eledon Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ELDN. Legal & General Group Plc acquired a new stake in shares of Eledon Pharmaceuticals in the 2nd quarter valued at about $28,000. BNP Paribas Financial Markets lifted its holdings in shares of Eledon Pharmaceuticals by 143.7% in the third quarter. BNP Paribas Financial Markets now owns 12,154 shares of the company’s stock valued at $31,000 after purchasing an additional 7,166 shares in the last quarter. Millennium Management LLC acquired a new position in shares of Eledon Pharmaceuticals during the fourth quarter worth about $36,000. Relyea Zuckerberg Hanson LLC acquired a new position in shares of Eledon Pharmaceuticals during the first quarter worth about $37,000. Finally, Waverly Advisors LLC bought a new position in shares of Eledon Pharmaceuticals during the first quarter worth about $39,000. 56.77% of the stock is owned by institutional investors and hedge funds.

Eledon Pharmaceuticals Company Profile

Eledon Pharmaceuticals, Inc (NASDAQ:ELDN) is a clinical-stage biopharmaceutical company focused on the discovery and development of therapies for diseases characterized by smooth muscle dysfunction. The company leverages a proprietary ion-channel modulation platform to identify and optimize small-molecule compounds that can either restore or inhibit smooth muscle activity, with the goal of addressing gastrointestinal, hepatic and cardiovascular disorders.

Eledon’s pipeline comprises several preclinical and early-phase clinical programs targeting high-unmet-need indications.