Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Receives Consensus Rating of "Hold" from Analysts

Key Points

• Eledon Pharmaceuticals has a consensus “Hold” rating from five analysts, comprising three buys, one hold and one sell. The average 12-month price target is $9.67, well above the stock’s recent $3.31 price.
• Shares opened down 2.6% at $3.31, while the company reported a quarterly loss of $0.33 per share, missing analyst expectations of a $0.22 loss.
• Institutional investors and hedge funds own 56.77% of Eledon’s stock, with several funds recently initiating or increasing positions, including Bank of America, which boosted its holdings by more than 1,300%.

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Get Free Report) has been assigned a consensus recommendation of "Hold" from the five analysts that are covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $9.6667.

A number of research analysts have recently issued reports on ELDN shares. Rodman & Renshaw assumed coverage on Eledon Pharmaceuticals in a research report on Tuesday, July 21st. They set a "buy" rating and a $12.00 target price on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Eledon Pharmaceuticals in a research report on Wednesday, June 24th. Finally, Wall Street Zen downgraded shares of Eledon Pharmaceuticals from a "sell" rating to a "strong sell" rating in a report on Saturday, May 16th.

Eledon Pharmaceuticals Stock Down 2.6%

Shares of Eledon Pharmaceuticals stock opened at $3.31 on Thursday. Eledon Pharmaceuticals has a twelve month low of $1.35 and a twelve month high of $4.60. The business has a 50-day moving average price of $3.78 and a 200 day moving average price of $3.16. The firm has a market cap of $255.50 million, a PE ratio of -4.30 and a beta of 0.95.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last issued its quarterly earnings results on Wednesday, May 13th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.11). On average, sell-side analysts expect that Eledon Pharmaceuticals will post -0.74 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Prodigy Asset Management LLC purchased a new position in Eledon Pharmaceuticals in the 2nd quarter valued at about $342,000. GK Wealth Management LLC purchased a new stake in Eledon Pharmaceuticals during the 2nd quarter worth approximately $45,000. Defilade Capital Management L.P. increased its stake in Eledon Pharmaceuticals by 8.3% during the 1st quarter. Defilade Capital Management L.P. now owns 3,564,127 shares of the company's stock worth $10,978,000 after buying an additional 273,677 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of Eledon Pharmaceuticals by 1,346.9% during the first quarter. Bank of America Corp DE now owns 869,544 shares of the company's stock valued at $2,678,000 after acquiring an additional 809,446 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Eledon Pharmaceuticals during the first quarter valued at approximately $63,000. 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.

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