Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Given Average Rating of “Hold” by Brokerages

Shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) have received a consensus recommendation of “Hold” from the five brokerages that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $9.6667.

ELDN has been the subject of a number of research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research report on Friday, March 27th. Wall Street Zen downgraded shares of Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th.

Institutional Investors Weigh In On Eledon Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE raised its position in shares of Eledon Pharmaceuticals by 1,346.9% during the 1st quarter. Bank of America Corp DE now owns 869,544 shares of the company’s stock worth $2,678,000 after purchasing an additional 809,446 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of Eledon Pharmaceuticals during the 1st quarter worth approximately $63,000. Waverly Advisors LLC acquired a new position in shares of Eledon Pharmaceuticals during the 1st quarter worth approximately $39,000. Bank of New York Mellon Corp raised its position in shares of Eledon Pharmaceuticals by 8.5% during the 1st quarter. Bank of New York Mellon Corp now owns 144,148 shares of the company’s stock worth $444,000 after purchasing an additional 11,246 shares during the last quarter. Finally, Relyea Zuckerberg Hanson LLC acquired a new position in shares of Eledon Pharmaceuticals during the 1st quarter worth approximately $37,000. 56.77% of the stock is currently owned by institutional investors and hedge funds.

Eledon Pharmaceuticals Trading Down 0.8%

ELDN stock opened at $3.55 on Wednesday. The firm has a 50 day moving average of $3.57 and a 200-day moving average of $2.60. Eledon Pharmaceuticals has a 12-month low of $1.35 and a 12-month high of $4.60. The company has a market cap of $274.02 million, a price-to-earnings ratio of -4.61 and a beta of 0.94.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.11). Sell-side analysts forecast that Eledon Pharmaceuticals will post -0.74 earnings per share for the current fiscal 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.