Brokerages Set Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Target Price at $9.67

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) has received an average recommendation of “Hold” from the five ratings firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $9.6667.

Several equities research analysts recently weighed in on the company. Wall Street Zen downgraded Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a report on Friday, March 27th.

Institutional Investors Weigh In On Eledon Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the business. Relyea Zuckerberg Hanson LLC acquired a new stake in Eledon Pharmaceuticals in the first quarter valued at $37,000. BNP Paribas Financial Markets lifted its holdings in 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 acquiring an additional 7,166 shares during the period. Waverly Advisors LLC acquired a new stake in Eledon Pharmaceuticals in the first quarter valued at $39,000. Baker Ellis Asset Management LLC acquired a new stake in Eledon Pharmaceuticals in the first quarter valued at $59,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Eledon Pharmaceuticals in the first quarter valued at $63,000. Institutional investors and hedge funds own 56.77% of the company’s stock.

Eledon Pharmaceuticals Trading Up 7.3%

Shares of ELDN opened at $3.84 on Friday. The firm has a market cap of $296.40 million, a PE ratio of -4.99 and a beta of 0.94. The company’s 50 day simple moving average is $3.33 and its 200-day simple moving average is $2.50. Eledon Pharmaceuticals has a 12-month low of $1.35 and a 12-month high of $4.60.

Eledon Pharmaceuticals (NASDAQ:ELDN) last announced its earnings results on Wednesday, May 13th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.11). As a group, equities research analysts forecast that Eledon Pharmaceuticals will post -1.11 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.