Eledon Pharmaceuticals (NASDAQ:ELDN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Eledon Pharmaceuticals (NASDAQ:ELDN) from a strong sell rating to a sell rating in a report published on Saturday.

A number of other equities analysts have also commented on the company. Rodman & Renshaw started coverage on Eledon Pharmaceuticals in a research note on Tuesday, July 21st. They set a “buy” rating and a $12.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research note on Wednesday, June 24th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.67.

Eledon Pharmaceuticals Stock Up 1.1%

Shares of ELDN stock opened at $3.58 on Friday. The company’s fifty day simple moving average is $3.73 and its two-hundred day simple moving average is $3.30. Eledon Pharmaceuticals has a 52 week low of $1.35 and a 52 week high of $4.60. The stock has a market cap of $276.34 million, a P/E ratio of -3.93 and a beta of 0.98.

Eledon Pharmaceuticals (NASDAQ:ELDN) last issued its quarterly earnings data on Thursday, August 13th. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.11). On average, analysts anticipate that Eledon Pharmaceuticals will post -0.74 EPS for the current fiscal year.

Institutional Investors Weigh In On Eledon Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of ELDN. Legal & General Group Plc bought a new stake in shares of Eledon Pharmaceuticals during the 2nd quarter worth approximately $28,000. BNP Paribas Financial Markets grew its position in Eledon Pharmaceuticals by 143.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 12,154 shares of the company’s stock valued at $31,000 after acquiring an additional 7,166 shares during the last quarter. Barclays PLC increased its stake in Eledon Pharmaceuticals by 9.7% in the fourth quarter. Barclays PLC now owns 87,472 shares of the company’s stock worth $132,000 after purchasing an additional 7,719 shares during the period. Velan Capital Investment Management LP increased its stake in Eledon Pharmaceuticals by 2.4% in the third quarter. Velan Capital Investment Management LP now owns 346,973 shares of the company’s stock worth $899,000 after purchasing an additional 8,000 shares during the period. Finally, SG Americas Securities LLC increased its stake in Eledon Pharmaceuticals by 1.3% in the first quarter. SG Americas Securities LLC now owns 635,845 shares of the company’s stock worth $1,958,000 after purchasing an additional 8,453 shares during the period. 56.77% of the stock is currently owned by hedge funds and other institutional investors.

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.