Eledon Pharmaceuticals (NASDAQ:ELDN) Upgraded to “Strong-Buy” at Rodman & Renshaw

Rodman & Renshaw upgraded shares of Eledon Pharmaceuticals (NASDAQ:ELDN) to a strong-buy rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

ELDN has been the subject of a number of other reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research note on Wednesday, June 24th. Wall Street Zen downgraded Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $10.25.

Eledon Pharmaceuticals Stock Up 2.3%

Shares of Eledon Pharmaceuticals stock opened at $3.95 on Tuesday. Eledon Pharmaceuticals has a 52-week low of $1.35 and a 52-week high of $4.60. The company’s 50-day simple moving average is $3.80 and its 200-day simple moving average is $3.08. The firm has a market cap of $304.90 million, a price-to-earnings ratio of -5.13 and a beta of 0.95.

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 the consensus estimate of ($0.22) by ($0.11). Equities research analysts anticipate that Eledon Pharmaceuticals will post -0.74 EPS for the current year.

Institutional Trading of Eledon Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in ELDN. BNP Paribas Financial Markets grew its position in Eledon Pharmaceuticals by 143.7% during the third quarter. BNP Paribas Financial Markets now owns 12,154 shares of the company’s stock worth $31,000 after buying an additional 7,166 shares during the period. Millennium Management LLC purchased a new position in Eledon Pharmaceuticals in the fourth quarter valued at about $36,000. Relyea Zuckerberg Hanson LLC acquired a new stake in shares of Eledon Pharmaceuticals during the 1st quarter valued at approximately $37,000. Waverly Advisors LLC acquired a new stake in shares of Eledon Pharmaceuticals during the 1st quarter valued at approximately $39,000. Finally, Virtu Financial LLC purchased a new stake in shares of Eledon Pharmaceuticals during the 4th quarter worth approximately $39,000. Institutional investors and hedge funds own 56.77% of the company’s stock.

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.