Craig Hallum Upgrades Eledon Pharmaceuticals (NASDAQ:ELDN) to "Strong-Buy"

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.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) was upgraded by equities research analysts at Craig Hallum to a "strong-buy" rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. The firm currently has a $12.00 price objective on the stock. Craig Hallum's price target points to a potential upside of 231.49% from the stock's current price.

A number of other equities analysts have also recently weighed in on the company. Wall Street Zen cut Eledon Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Friday, June 6th. HC Wainwright raised shares of Eledon Pharmaceuticals to a "buy" rating and set a $9.00 target price on the stock in a research report on Wednesday, June 18th.

Eledon Pharmaceuticals Stock Performance

Eledon Pharmaceuticals stock opened at $3.62 on Friday. Eledon Pharmaceuticals has a 1 year low of $2.38 and a 1 year high of $5.54. The firm's 50 day moving average price is $3.15 and its two-hundred day moving average price is $3.50. The firm has a market cap of $216.77 million, a price-to-earnings ratio of -1.72 and a beta of -0.16.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last issued its 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. As a group, equities analysts predict that Eledon Pharmaceuticals will post -0.81 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Howard Financial Services LTD. purchased a new stake in Eledon Pharmaceuticals in the 2nd quarter worth about $81,000. Goldman Sachs Group Inc. increased its holdings in shares of Eledon Pharmaceuticals by 78.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 258,106 shares of the company's stock valued at $875,000 after purchasing an additional 113,261 shares during the period. Siren L.L.C. purchased a new stake in shares of Eledon Pharmaceuticals in the first quarter worth approximately $2,340,000. Jane Street Group LLC lifted its position in shares of Eledon Pharmaceuticals by 83.7% in the first quarter. Jane Street Group LLC now owns 224,600 shares of the company's stock worth $761,000 after purchasing an additional 102,325 shares in the last quarter. Finally, Zimmer Partners LP boosted its holdings in shares of Eledon Pharmaceuticals by 0.7% during the first quarter. Zimmer Partners LP now owns 754,970 shares of the company's stock worth $2,559,000 after purchasing an additional 4,970 shares during the period. 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).