Eledon Pharmaceuticals (NASDAQ:ELDN) Now Covered by Analysts at Craig Hallum

Key Points

• Craig Hallum initiated coverage on Eledon Pharmaceuticals (NASDAQ:ELDN) with a "buy" rating and a price target of $12.00, suggesting a potential upside of 227.87%.
• Other firms have mixed sentiments; Wall Street Zen downgraded Eledon from a "hold" to a "sell" rating, while HC Wainwright upgraded it to "buy" with a target price of $9.00.
• Eledon Pharmaceuticals recently reported earnings of ($0.08) EPS, surpassing analyst estimates by $0.20, and is projected to post a -0.81 EPS for the current fiscal year.
• The stock has seen significant institutional investment, with over 56% of shares owned by institutional investors, including notable increases from several hedge funds.

Equities researchers at Craig Hallum initiated coverage on shares of Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) in a research note issued on Friday, July 25th, Marketbeat reports. The firm set a "buy" rating and a $12.00 price target on the stock. Craig Hallum's price target points to a potential upside of 255.03% from the stock's previous close.

A number of other research analysts have also weighed in on the company. Wall Street Zen lowered Eledon Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Friday, June 6th. HC Wainwright upgraded Eledon Pharmaceuticals to a "buy" rating and set a $9.00 price objective for the company in a research report on Wednesday, June 18th.

Eledon Pharmaceuticals Stock Up 7.3%

ELDN stock traded up $0.23 during trading on Friday, reaching $3.38. The company's stock had a trading volume of 627,063 shares, compared to its average volume of 358,432. Eledon Pharmaceuticals has a 1 year low of $2.38 and a 1 year high of $5.54. The company has a market capitalization of $202.40 million, a P/E ratio of -1.61 and a beta of -0.16. The company's fifty day moving average is $3.15 and its 200-day moving average is $3.48.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last issued its quarterly earnings results on Wednesday, May 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.28) by $0.20. Analysts anticipate that Eledon Pharmaceuticals will post -0.81 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ELDN. Point72 Asset Management L.P. purchased a new position in shares of Eledon Pharmaceuticals during the fourth quarter valued at approximately $4,511,000. Jane Street Group LLC purchased a new position in shares of Eledon Pharmaceuticals during the fourth quarter valued at approximately $504,000. Cubist Systematic Strategies LLC purchased a new position in shares of Eledon Pharmaceuticals during the fourth quarter valued at approximately $101,000. Charles Schwab Investment Management Inc. boosted its position in shares of Eledon Pharmaceuticals by 100.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 29,987 shares of the company's stock valued at $124,000 after buying an additional 15,000 shares during the period. Finally, Millennium Management LLC purchased a new position in shares of Eledon Pharmaceuticals during the fourth quarter valued at approximately $490,000. Hedge funds and other institutional investors own 56.77% of the company's stock.

About Eledon Pharmaceuticals

Eledon Pharmaceuticals, Inc operates as a clinical stage biotechnology company. The company uses its immunology expertise in targeting the CD40 Ligand (CD40L, also called CD154) pathway to develop therapies to protect transplanted organs and prevent rejection, and to treat amyotrophic lateral sclerosis (ALS).