Eledon Pharmaceuticals (NASDAQ:ELDN) Share Price Breaks Below 50-Day Moving Average – Should You Sell?

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN)’s stock price passed below its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $2.58 and traded as low as $2.36. Eledon Pharmaceuticals shares last traded at $2.37, with a volume of 809,841 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ELDN. Rodman & Renshaw initiated coverage on Eledon Pharmaceuticals in a report on Tuesday, July 21st. They issued a “buy” rating and a $12.00 price target for the company. Weiss Ratings raised shares of Eledon Pharmaceuticals from a “sell (d-)” rating to a “sell (d)” rating in a research note on Monday. Finally, Wall Street Zen lowered shares of Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Sunday, August 23rd. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Eledon Pharmaceuticals presently has an average rating of “Hold” and an average target price of $10.00.

Eledon Pharmaceuticals Stock Performance

The firm has a market capitalization of $192.59 million, a PE ratio of -2.60 and a beta of 0.95. The stock’s 50 day simple moving average is $2.58 and its two-hundred day simple moving average is $3.11.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its quarterly earnings results on Friday, November 13th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.01. Equities research analysts expect that Eledon Pharmaceuticals, Inc. will post -0.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eledon Pharmaceuticals

Several large investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. increased its holdings in shares of Eledon Pharmaceuticals by 212.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 127,933 shares of the company’s stock valued at $324,000 after acquiring an additional 87,010 shares during the period. StoneX Group Inc. acquired a new stake in Eledon Pharmaceuticals during the 3rd quarter worth $29,000. Claro Advisors Inc. purchased a new position in Eledon Pharmaceuticals during the 3rd quarter worth $40,000. Farmers & Merchants Investments Inc. grew its position in Eledon Pharmaceuticals by 1,072.6% during the 3rd quarter. Farmers & Merchants Investments Inc. now owns 74,123 shares of the company’s stock worth $188,000 after purchasing an additional 67,802 shares during the last quarter. Finally, Daytona Street Capital LLC increased its stake in Eledon Pharmaceuticals by 12.9% in the third quarter. Daytona Street Capital LLC now owns 91,666 shares of the company’s stock valued at $231,000 after purchasing an additional 10,500 shares during the period. 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 developing therapies for serious diseases involving the immune system. The company’s research focuses on modulating immune responses to help address conditions such as organ transplant rejection and amyotrophic lateral sclerosis (ALS). Its lead investigational product, tegoprubart, is an antibody that targets CD40 ligand, a protein involved in immune-system activation. Eledon is studying tegoprubart as a potential treatment to reduce rejection following organ transplantation and in research involving ALS.