Eledon Pharmaceuticals (NASDAQ:ELDN) Price Target Raised to $16.00 at HC Wainwright

Eledon Pharmaceuticals (NASDAQ:ELDN) had its price objective upped by research analysts at HC Wainwright from $13.00 to $16.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock.

Eledon Pharmaceuticals Trading Down 9.4 %

NASDAQ:ELDN traded down $0.23 on Tuesday, reaching $2.21. The stock had a trading volume of 2,209,846 shares, compared to its average volume of 116,984. The company has a 50-day moving average of $1.87 and a 200 day moving average of $1.66. The stock has a market cap of $54.83 million, a P/E ratio of -1.23 and a beta of 0.86. Eledon Pharmaceuticals has a 12-month low of $1.07 and a 12-month high of $2.95.

Eledon Pharmaceuticals (NASDAQ:ELDN) last issued its quarterly earnings results on Thursday, March 28th. The company reported ($0.29) EPS for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.09. On average, equities analysts predict that Eledon Pharmaceuticals will post -1.38 EPS for the current year.

Institutional Trading of Eledon Pharmaceuticals

An institutional investor recently raised its position in Eledon Pharmaceuticals stock. Armistice Capital LLC raised its stake in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) by 20.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 2,189,000 shares of the company’s stock after purchasing an additional 365,000 shares during the period. Armistice Capital LLC owned 9.05% of Eledon Pharmaceuticals worth $3,940,000 as of its most recent SEC filing. Institutional investors and hedge funds own 56.77% of the company’s stock.

About Eledon Pharmaceuticals

Eledon Pharmaceuticals, Inc operates as a clinical stage biotechnology company. The company uses its immunology expertise in targeting the CD40 Ligand (CD40L, also called CD154) pathway to develop therapies to protect transplanted organs and prevent rejection, and to treat amyotrophic lateral sclerosis (ALS).