Eledon Pharmaceuticals (NASDAQ:ELDN) Share Price Crosses Above 50 Day Moving Average – Here’s What Happened

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN)’s share price passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $2.71 and traded as high as $2.81. Eledon Pharmaceuticals shares last traded at $2.76, with a volume of 2,075,852 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ELDN. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research note on Monday, September 21st. Rodman & Renshaw assumed coverage on Eledon Pharmaceuticals in a research report on Tuesday, July 21st. They issued a “buy” rating and a $12.00 target price for the company. Finally, Wall Street Zen downgraded Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Sunday, August 23rd. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Eledon Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $10.00.

Eledon Pharmaceuticals Stock Down 8.9%

The stock has a market capitalization of $225.09 million, a P/E ratio of -3.04 and a beta of 0.84. The firm’s 50-day simple moving average is $2.68 and its 200 day simple moving average is $3.09.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.11). As a group, equities analysts anticipate that Eledon Pharmaceuticals, Inc. will post -0.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. ADAR1 Capital Management LLC purchased a new stake in shares of Eledon Pharmaceuticals in the 2nd quarter valued at approximately $2,552,000. Bank of America Corp DE grew its position in 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 worth $2,678,000 after purchasing an additional 809,446 shares in the last quarter. BlackRock Inc. acquired a new stake in Eledon Pharmaceuticals during the 2nd quarter valued at $20,188,000. AWM Investment Company Inc. acquired a new stake in Eledon Pharmaceuticals during the 2nd quarter valued at $4,334,000. Finally, Triumph Capital Management acquired a new stake in Eledon Pharmaceuticals during the 2nd quarter valued at $1,196,000. Institutional investors and hedge funds own 56.77% of the company’s stock.

Eledon Pharmaceuticals Company Profile

Eledon Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing therapies that selectively modulate the immune system for patients with life-threatening diseases. The company’s research is centered on conditions involving immune activation, including organ transplantation, autoimmune disorders and other inflammatory diseases.

Eledon’s lead product candidate is tegoprubart, a monoclonal antibody designed to block CD40 ligand, a protein involved in immune-system signaling.