Rodman & Renshaw Upgrades Eledon Pharmaceuticals (NASDAQ:ELDN) to “Strong-Buy”

Eledon Pharmaceuticals (NASDAQ:ELDN) was upgraded by stock analysts at Rodman & Renshaw to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

Other analysts have also issued research reports about the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research report on Wednesday, June 24th. Wall Street Zen downgraded shares of Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $10.25.

Eledon Pharmaceuticals Trading Up 2.3%

Eledon Pharmaceuticals stock opened at $3.95 on Tuesday. The company has a market cap of $304.90 million, a price-to-earnings ratio of -5.13 and a beta of 0.95. Eledon Pharmaceuticals has a 12 month low of $1.35 and a 12 month high of $4.60. The business’s 50 day simple moving average is $3.80 and its 200 day simple moving average is $3.08.

Eledon Pharmaceuticals (NASDAQ:ELDN) last announced its quarterly earnings data 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 -0.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eledon Pharmaceuticals

Several large investors have recently added to or reduced their stakes in ELDN. Prodigy Asset Management LLC purchased a new position in Eledon Pharmaceuticals during the second quarter worth about $342,000. GK Wealth Management LLC purchased a new stake in shares of Eledon Pharmaceuticals in the 2nd quarter valued at about $45,000. Defilade Capital Management L.P. boosted its position in shares of Eledon Pharmaceuticals by 8.3% during the 1st quarter. Defilade Capital Management L.P. now owns 3,564,127 shares of the company’s stock valued at $10,978,000 after acquiring an additional 273,677 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Eledon Pharmaceuticals by 1,346.9% during the 1st quarter. Bank of America Corp DE now owns 869,544 shares of the company’s stock valued at $2,678,000 after acquiring an additional 809,446 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Eledon Pharmaceuticals during the first quarter worth about $63,000. Institutional investors own 56.77% of the company’s stock.

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.