Short Interest in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Increases By 30.3%

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) was the recipient of a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 8,417,915 shares, a growth of 30.3% from the February 26th total of 6,458,931 shares. Currently, 12.7% of the company’s stock are sold short. Based on an average daily trading volume, of 1,292,590 shares, the days-to-cover ratio is currently 6.5 days.

Institutional Investors Weigh In On Eledon Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Rockefeller Capital Management L.P. grew its position in shares of Eledon Pharmaceuticals by 95.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 71,666 shares of the company’s stock valued at $108,000 after purchasing an additional 35,000 shares during the last quarter. Kera Capital Partners Inc. lifted its position in shares of Eledon Pharmaceuticals by 54.3% during the 4th quarter. Kera Capital Partners Inc. now owns 39,770 shares of the company’s stock worth $60,000 after purchasing an additional 14,000 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Eledon Pharmaceuticals during the 4th quarter worth about $39,000. XTX Topco Ltd boosted its stake in Eledon Pharmaceuticals by 867.1% during the 4th quarter. XTX Topco Ltd now owns 124,247 shares of the company’s stock valued at $188,000 after purchasing an additional 111,399 shares during the period. Finally, Zimmer Partners LP boosted its stake in Eledon Pharmaceuticals by 30.6% during the 4th quarter. Zimmer Partners LP now owns 2,384,228 shares of the company’s stock valued at $3,600,000 after purchasing an additional 559,228 shares during the period. 56.77% of the stock is owned by institutional investors and hedge funds.

Eledon Pharmaceuticals Stock Down 4.4%

ELDN stock traded down $0.13 during midday trading on Friday, hitting $2.83. 864,502 shares of the company traded hands, compared to its average volume of 1,556,412. Eledon Pharmaceuticals has a twelve month low of $1.35 and a twelve month high of $4.60. The stock has a market capitalization of $214.66 million, a price-to-earnings ratio of -5.44 and a beta of 0.84. The business has a 50 day simple moving average of $2.44 and a 200-day simple moving average of $2.35.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its quarterly earnings data on Thursday, March 19th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.10. Equities research analysts forecast that Eledon Pharmaceuticals will post -0.81 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research report on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $9.67.

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.