Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Receives Consensus Rating of “Hold” from Brokerages

Shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) have earned an average recommendation of “Hold” from the five brokerages that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $9.6667.

ELDN has been the subject of several recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research report on Monday, December 29th. Guggenheim lowered their price target on Eledon Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, November 18th.

Institutional Investors Weigh In On Eledon Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new position in Eledon Pharmaceuticals during the 4th quarter worth approximately $947,000. Zimmer Partners LP raised its stake in shares of Eledon Pharmaceuticals by 86.1% during the third quarter. Zimmer Partners LP now owns 1,825,000 shares of the company’s stock valued at $4,727,000 after purchasing an additional 844,318 shares during the period. Velan Capital Investment Management LP lifted its position in shares of Eledon Pharmaceuticals by 2.4% during the third quarter. Velan Capital Investment Management LP now owns 346,973 shares of the company’s stock worth $899,000 after purchasing an additional 8,000 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Eledon Pharmaceuticals by 78.3% during the third quarter. Bank of America Corp DE now owns 45,229 shares of the company’s stock worth $117,000 after purchasing an additional 19,862 shares in the last quarter. Finally, Squarepoint Ops LLC boosted its stake in shares of Eledon Pharmaceuticals by 116.8% in the third quarter. Squarepoint Ops LLC now owns 36,297 shares of the company’s stock valued at $94,000 after purchasing an additional 19,553 shares during the period. 56.77% of the stock is currently owned by hedge funds and other institutional investors.

Eledon Pharmaceuticals Price Performance

NASDAQ ELDN opened at $1.73 on Friday. Eledon Pharmaceuticals has a 1-year low of $1.35 and a 1-year high of $4.97. The firm has a market capitalization of $103.68 million, a P/E ratio of -1.63 and a beta of 0.89. The business’s 50-day simple moving average is $1.84 and its 200-day simple moving average is $2.59.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its earnings results on Friday, November 14th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.01. On average, equities research analysts expect that Eledon Pharmaceuticals will post -0.81 EPS for the current fiscal year.

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.