Eledon Pharmaceuticals (NASDAQ:ELDN) Issues Earnings Results, Misses Estimates By $0.11 EPS

Eledon Pharmaceuticals (NASDAQ:ELDN) posted 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

Eledon Pharmaceuticals stock traded down $0.07 during mid-day trading on Thursday, hitting $3.70. 622,983 shares of the company’s stock traded hands, compared to its average volume of 945,455. The firm has a 50 day simple moving average of $3.73 and a two-hundred day simple moving average of $3.28. Eledon Pharmaceuticals has a fifty-two week low of $1.35 and a fifty-two week high of $4.60. The stock has a market cap of $285.60 million, a price-to-earnings ratio of -4.81 and a beta of 0.98.

Hedge Funds Weigh In On Eledon Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the stock. ADAR1 Capital Management LLC bought a new position in Eledon Pharmaceuticals in the 4th quarter valued at about $2,751,000. Ensign Peak Advisors Inc boosted its holdings in shares of Eledon Pharmaceuticals by 94.9% during the fourth quarter. Ensign Peak Advisors Inc now owns 2,464,919 shares of the company’s stock worth $3,722,000 after acquiring an additional 1,200,000 shares during the period. AWM Investment Company Inc. bought a new stake in shares of Eledon Pharmaceuticals during the fourth quarter worth approximately $1,661,000. Sphera Funds Management LTD. grew its position in shares of Eledon Pharmaceuticals by 97.4% in the fourth quarter. Sphera Funds Management LTD. now owns 2,132,131 shares of the company’s stock valued at $3,220,000 after purchasing an additional 1,051,898 shares during the last quarter. Finally, Zimmer Partners LP grew its position in shares of Eledon Pharmaceuticals by 86.1% in 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 last quarter. 56.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ELDN has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Rodman & Renshaw began coverage on shares of Eledon Pharmaceuticals in a research note on Tuesday, July 21st. They issued a “buy” rating and a $12.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a report on Wednesday, June 24th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Eledon Pharmaceuticals currently has an average rating of “Hold” and a consensus target price of $9.67.

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.