Eledon Pharmaceuticals (NASDAQ:ELDN) Rating Lowered to Strong Sell at Wall Street Zen

Eledon Pharmaceuticals (NASDAQ:ELDN) was downgraded by investment analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report released on Sunday.

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

Eledon Pharmaceuticals Price Performance

Shares of NASDAQ ELDN opened at $3.41 on Friday. The company has a market cap of $277.10 million, a PE ratio of -3.75 and a beta of 0.98. Eledon Pharmaceuticals has a 12 month low of $1.35 and a 12 month high of $4.60. The company has a 50-day simple moving average of $3.73 and a 200-day simple moving average of $3.34.

Eledon Pharmaceuticals (NASDAQ:ELDN) last issued its quarterly earnings results 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 year.

Institutional Trading of Eledon Pharmaceuticals

Several large investors have recently bought and sold shares of ELDN. BlackRock Inc. acquired a new stake in shares of Eledon Pharmaceuticals during the second quarter worth approximately $20,188,000. ADAR1 Capital Management LLC acquired a new position in shares of Eledon Pharmaceuticals in the 4th quarter valued at about $2,751,000. Jefferies Financial Group Inc. bought a new stake in shares of Eledon Pharmaceuticals during the 4th quarter valued at about $2,387,000. Ensign Peak Advisors Inc raised its stake in Eledon Pharmaceuticals by 94.9% during the fourth quarter. Ensign Peak Advisors Inc now owns 2,464,919 shares of the company’s stock worth $3,722,000 after acquiring an additional 1,200,000 shares during the period. Finally, AWM Investment Company Inc. acquired a new stake in Eledon Pharmaceuticals during the second quarter worth about $4,334,000. Institutional investors and hedge funds own 56.77% of the company’s stock.

About Eledon Pharmaceuticals

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.