Eledon Pharmaceuticals (NASDAQ:ELDN) Posts Quarterly Earnings Results, Misses Expectations By $0.11 EPS

Key Points

• Eledon Pharmaceuticals reported a quarterly loss of $0.27 per share, missing analysts’ consensus estimate of a $0.16 loss by $0.11.
• The stock fell 1.9% to $3.70, while analysts’ opinions remained mixed; the company has a consensus “Hold” rating and an average price target of $9.67.
• Institutional investors and hedge funds own 56.77% of Eledon’s shares, with several firms recently increasing positions or initiating new stakes.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) issued its earnings results on Thursday. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.11), FiscalAI reports.

Eledon Pharmaceuticals Trading Down 1.9%

Eledon Pharmaceuticals stock traded down $0.07 during mid-day trading on Thursday, reaching $3.70. The company had a trading volume of 622,983 shares, compared to its average volume of 945,455. The stock's 50-day simple moving average is $3.73 and its 200-day simple moving average is $3.27. Eledon Pharmaceuticals has a 1 year low of $1.35 and a 1 year high of $4.60.

Analysts Set New Price Targets

A number of equities research analysts recently commented on ELDN shares. Weiss Ratings restated a "sell (d-)" rating on shares of Eledon Pharmaceuticals in a research report on Wednesday, June 24th. Wall Street Zen cut Eledon Pharmaceuticals from a "sell" rating to a "strong sell" rating in a research report on Saturday, May 16th. Finally, Rodman & Renshaw started coverage on Eledon Pharmaceuticals in a research note on Tuesday, July 21st. They set a "buy" rating and a $12.00 target price for the company. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Eledon Pharmaceuticals has a consensus rating of "Hold" and a consensus price target of $9.67.

Institutional Investors Weigh In On Eledon Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets boosted its position in Eledon Pharmaceuticals by 143.7% during the third quarter. BNP Paribas Financial Markets now owns 12,154 shares of the company's stock worth $31,000 after purchasing an additional 7,166 shares in the last quarter. Millennium Management LLC acquired a new stake in Eledon Pharmaceuticals in the fourth quarter valued at $36,000. Virtu Financial LLC purchased a new position in shares of Eledon Pharmaceuticals in the fourth quarter valued at $39,000. Cetera Investment Advisers increased its position in shares of Eledon Pharmaceuticals by 72.9% in the fourth quarter. Cetera Investment Advisers now owns 26,584 shares of the company's stock valued at $40,000 after buying an additional 11,207 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Eledon Pharmaceuticals during the 4th quarter worth $45,000. 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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