Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Short Interest Down 12.3% in May

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Get Free Report) was the recipient of a large decrease in short interest during the month of May. As of May 15th, there was short interest totalling 1,570,000 shares, a decrease of 12.3% from the April 30th total of 1,790,000 shares. Based on an average daily trading volume, of 221,700 shares, the days-to-cover ratio is currently 7.1 days. Approximately 3.0% of the shares of the stock are short sold.

Eledon Pharmaceuticals Trading Down 1.7%

Shares of ELDN traded down $0.05 during midday trading on Thursday, reaching $2.98. 190,482 shares of the company were exchanged, compared to its average volume of 274,685. The stock has a 50-day moving average price of $3.05 and a 200-day moving average price of $3.80. Eledon Pharmaceuticals has a 1-year low of $2.30 and a 1-year high of $5.54. The company has a market cap of $178.45 million, a price-to-earnings ratio of -1.48 and a beta of -0.17.

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

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised Eledon Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd.

Hedge Funds Weigh In On Eledon Pharmaceuticals

Several hedge funds have recently modified their holdings of the company. Siren L.L.C. purchased a new position in shares of Eledon Pharmaceuticals in the first quarter worth approximately $2,340,000. Jane Street Group LLC grew its position in Eledon Pharmaceuticals by 83.7% during the first quarter. Jane Street Group LLC now owns 224,600 shares of the company's stock valued at $761,000 after purchasing an additional 102,325 shares in the last quarter. Zimmer Partners LP grew its position in Eledon Pharmaceuticals by 0.7% during the first quarter. Zimmer Partners LP now owns 754,970 shares of the company's stock valued at $2,559,000 after purchasing an additional 4,970 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Eledon Pharmaceuticals by 78.2% during the first 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 in the last quarter. Finally, 22NW LP purchased a new position in Eledon Pharmaceuticals during the first quarter valued at approximately $2,157,000. 56.77% of the stock is currently owned by institutional investors and hedge funds.

Eledon Pharmaceuticals Company Profile

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).