Eledon Pharmaceuticals (NASDAQ:ELDN) Stock Price Up 1.8% – Still a Buy?

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) shares rose 1.8% during trading on Thursday. The company traded as high as $2.32 and last traded at $2.30. Approximately 526,647 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 778,648 shares. The stock had previously closed at $2.26.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Wall Street Zen cut shares of Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 23rd. Rodman & Renshaw started coverage on shares of Eledon Pharmaceuticals in a research report on Tuesday, July 21st. They set a “buy” rating and a $12.00 price objective on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research note on Monday, September 21st. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $10.00.

Eledon Pharmaceuticals Stock Performance

The company has a market capitalization of $186.90 million, a PE ratio of -2.53 and a beta of 0.84. The stock has a fifty day moving average of $2.77 and a 200 day moving average of $3.37.

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

Institutional Investors Weigh In On Eledon Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. Legal & General Group Plc bought a new stake in Eledon Pharmaceuticals in the second quarter worth $28,000. SG Americas Securities LLC boosted its stake in Eledon Pharmaceuticals by 1.3% during the first quarter. SG Americas Securities LLC now owns 635,845 shares of the company’s stock worth $1,958,000 after buying an additional 8,453 shares during the period. Grandfield & Dodd LLC bought a new position in Eledon Pharmaceuticals during the second quarter valued at $39,000. Daytona Street Capital LLC increased its position in Eledon Pharmaceuticals by 12.9% during the third quarter. Daytona Street Capital LLC now owns 91,666 shares of the company’s stock valued at $231,000 after acquiring an additional 10,500 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Eledon Pharmaceuticals in the second quarter valued at $43,000. Hedge funds and other institutional investors 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.