Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Given Consensus Rating of “Hold” by Brokerages

Shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) have received an average rating of “Hold” from the five research firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $9.6667.

A number of analysts have weighed in on the stock. Guggenheim cut their price objective on shares of Eledon Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, November 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research note on Monday, December 29th.

Institutional Trading of Eledon Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets grew its stake in Eledon Pharmaceuticals by 143.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 12,154 shares of the company’s stock worth $31,000 after buying an additional 7,166 shares during the last quarter. Ground Swell Capital LLC purchased a new position in shares of Eledon Pharmaceuticals during the second quarter worth approximately $31,000. ProShare Advisors LLC purchased a new position in shares of Eledon Pharmaceuticals during the second quarter worth approximately $33,000. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Eledon Pharmaceuticals in the 2nd quarter valued at $37,000. Finally, Bank of America Corp DE raised its position in Eledon Pharmaceuticals by 261.8% in the 2nd quarter. Bank of America Corp DE now owns 25,367 shares of the company’s stock valued at $69,000 after purchasing an additional 18,355 shares during the last quarter. 56.77% of the stock is owned by hedge funds and other institutional investors.

Eledon Pharmaceuticals Price Performance

Shares of NASDAQ ELDN opened at $2.15 on Thursday. The business has a 50-day moving average of $1.80 and a two-hundred day moving average of $2.45. The company has a market capitalization of $128.85 million, a price-to-earnings ratio of -2.03 and a beta of 0.89. Eledon Pharmaceuticals has a 1 year low of $1.35 and a 1 year high of $4.97.

Eledon Pharmaceuticals (NASDAQ:ELDN) last issued its earnings results on Friday, November 14th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.01. As a group, equities research analysts expect that Eledon Pharmaceuticals will post -0.81 earnings per share for the current year.

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.