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

Shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) have been given a consensus recommendation of “Hold” by the five research firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $9.6667.

A number of brokerages recently commented on ELDN. Wall Street Zen lowered Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research note on Wednesday, June 24th.

Hedge Funds Weigh In On Eledon Pharmaceuticals

Hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets boosted its stake in Eledon Pharmaceuticals by 143.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 12,154 shares of the company’s stock valued at $31,000 after buying an additional 7,166 shares in the last quarter. Millennium Management LLC bought a new position in shares of Eledon Pharmaceuticals during the fourth quarter valued at $36,000. Relyea Zuckerberg Hanson LLC acquired a new stake in shares of Eledon Pharmaceuticals in the 1st quarter valued at $37,000. Waverly Advisors LLC bought a new stake in shares of Eledon Pharmaceuticals in the 1st quarter worth about $39,000. Finally, Virtu Financial LLC bought a new stake in shares of Eledon Pharmaceuticals in the 4th quarter worth about $39,000. 56.77% of the stock is owned by institutional investors and hedge funds.

Eledon Pharmaceuticals Stock Performance

Shares of NASDAQ:ELDN traded down $0.28 on Friday, hitting $3.85. 1,387,816 shares of the company were exchanged, compared to its average volume of 1,841,363. The company’s 50 day moving average price is $3.79 and its two-hundred day moving average price is $2.95. The firm has a market capitalization of $297.18 million, a price-to-earnings ratio of -5.00 and a beta of 0.95. Eledon Pharmaceuticals has a one year low of $1.35 and a one year high of $4.60.

Eledon Pharmaceuticals (NASDAQ:ELDN) last released its earnings results on Wednesday, May 13th. The company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.11). Research analysts predict that Eledon Pharmaceuticals will post -0.74 earnings per share for the current 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.