Eledon Pharmaceuticals (NASDAQ:ELDN) Posts Earnings Results, Misses Expectations By $0.11 EPS

Eledon Pharmaceuticals (NASDAQ:ELDN) announced its quarterly earnings results on Thursday. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.11), FiscalAI reports.

Eledon Pharmaceuticals Price Performance

Shares of Eledon Pharmaceuticals stock traded down $0.16 on Friday, hitting $3.54. 1,341,526 shares of the company’s stock traded hands, compared to its average volume of 938,849. The company has a fifty day moving average of $3.73 and a two-hundred day moving average of $3.28. Eledon Pharmaceuticals has a one year low of $1.35 and a one year high of $4.60. The company has a market capitalization of $273.25 million, a price-to-earnings ratio of -3.89 and a beta of 0.98.

Hedge Funds Weigh In On Eledon Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in ELDN. Goldman Sachs Group Inc. boosted its holdings in shares of Eledon Pharmaceuticals by 78.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 258,106 shares of the company’s stock worth $875,000 after buying an additional 113,261 shares in the last quarter. Jane Street Group LLC increased its stake in shares of Eledon Pharmaceuticals by 83.7% in the 1st quarter. Jane Street Group LLC now owns 224,600 shares of the company’s stock valued at $761,000 after acquiring an additional 102,325 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Eledon Pharmaceuticals by 107.6% during the 2nd quarter. Geode Capital Management LLC now owns 1,383,940 shares of the company’s stock valued at $3,751,000 after acquiring an additional 717,223 shares during the period. JPMorgan Chase & Co. acquired a new position in shares of Eledon Pharmaceuticals during the 2nd quarter valued at $75,000. Finally, American Century Companies Inc. bought a new position in Eledon Pharmaceuticals during the second quarter worth $96,000. 56.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ELDN has been the topic of a number of research analyst reports. Rodman & Renshaw assumed coverage on shares of Eledon Pharmaceuticals in a research report on Tuesday, July 21st. They issued a “buy” rating and a $12.00 target price on the stock. Wall Street Zen upgraded shares of Eledon Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research note on Wednesday, June 24th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $9.67.

About Eledon Pharmaceuticals

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.