Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Short Interest Down 14.5% in March

Key Points

• Short interest fell 14.5% in March to 7,193,953 shares (about 10.8% of shares short), with a days-to-cover ratio of 4.2, signaling a notable reduction in bearish positioning.
• Institutional ownership stands at 56.77%, and several funds (including BNP Paribas, Barclays, Velan, SG Americas and Charles Schwab) recently raised their stakes, indicating fresh institutional inflows.
• Analyst sentiment is mixed: the MarketBeat consensus is a "Hold" with a $9.67 price target, while Weiss Ratings reaffirmed a "sell (d-)"; the company also beat quarterly EPS estimates ($-0.10 vs. -0.20).

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Get Free Report) was the target of a large decline in short interest during the month of March. As of March 31st, there was short interest totaling 7,193,953 shares, a decline of 14.5% from the March 15th total of 8,417,915 shares. Approximately 10.8% of the shares of the company are short sold. Based on an average trading volume of 1,709,577 shares, the days-to-cover ratio is presently 4.2 days.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets raised its position in shares of Eledon Pharmaceuticals by 143.7% in the third quarter. BNP Paribas Financial Markets now owns 12,154 shares of the company's stock valued at $31,000 after buying an additional 7,166 shares in the last quarter. Barclays PLC raised its holdings in Eledon Pharmaceuticals by 9.7% in the 4th quarter. Barclays PLC now owns 87,472 shares of the company's stock valued at $132,000 after acquiring an additional 7,719 shares in the last quarter. Velan Capital Investment Management LP lifted its position in shares of Eledon Pharmaceuticals by 2.4% during the 3rd quarter. Velan Capital Investment Management LP now owns 346,973 shares of the company's stock valued at $899,000 after acquiring an additional 8,000 shares during the period. SG Americas Securities LLC grew its holdings in shares of Eledon Pharmaceuticals by 1.3% during the 1st quarter. SG Americas Securities LLC now owns 635,845 shares of the company's stock worth $1,958,000 after purchasing an additional 8,453 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Eledon Pharmaceuticals by 6.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 173,131 shares of the company's stock valued at $261,000 after purchasing an additional 10,289 shares in the last quarter. 56.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Eledon Pharmaceuticals in a research report on Friday, March 27th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $9.67.

Eledon Pharmaceuticals Price Performance

NASDAQ ELDN traded up $0.25 on Friday, reaching $3.98. The stock had a trading volume of 4,356,545 shares, compared to its average volume of 1,126,459. The company has a market cap of $301.89 million, a P/E ratio of -7.65 and a beta of 0.83. The firm has a fifty day moving average of $2.71 and a two-hundred day moving average of $2.41. Eledon Pharmaceuticals has a 1-year low of $1.35 and a 1-year high of $4.60.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last announced its earnings results on Thursday, March 19th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.20) by $0.10. Research analysts predict that Eledon Pharmaceuticals will post -0.81 EPS for the current fiscal year.

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.

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