Eledon Pharmaceuticals (NASDAQ:ELDN) Stock Rating Lowered by Zacks Research

Key Points

• Eledon Pharmaceuticals was downgraded from a "strong-buy" to a "hold" rating by Zacks Research, reflecting a shift in analysts' outlook on the stock.
• The company's shares have experienced a decline, with a current trading price of $2.59, down from a high of $5.54 over the last year.
• Despite recent downgrades, Eledon still has an average rating of "Moderate Buy" from analysts, with a target price estimated at $10.00.

Zacks Research downgraded shares of Eledon Pharmaceuticals (NASDAQ:ELDN - Free Report) from a strong-buy rating to a hold rating in a report issued on Monday, August 18th,Zacks.com reports.

A number of other equities analysts have also recently weighed in on ELDN. Craig Hallum assumed coverage on Eledon Pharmaceuticals in a report on Friday, July 25th. They issued a "buy" rating and a $12.00 price target for the company. HC Wainwright upgraded Eledon Pharmaceuticals to a "buy" rating and set a $9.00 price target for the company in a report on Wednesday, June 18th. Finally, Wall Street Zen cut Eledon Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Friday, June 6th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, Eledon Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus target price of $10.00.

Eledon Pharmaceuticals Stock Performance

Shares of NASDAQ:ELDN traded down $0.0250 during trading on Monday, reaching $2.5750. 639,315 shares of the stock were exchanged, compared to its average volume of 426,777. The firm's 50-day moving average price is $3.07 and its 200 day moving average price is $3.29. Eledon Pharmaceuticals has a 12-month low of $2.38 and a 12-month high of $5.54. The firm has a market cap of $154.19 million, a price-to-earnings ratio of -2.20 and a beta of -0.15.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates of ($0.23) by $0.10. As a group, equities research analysts forecast that Eledon Pharmaceuticals will post -0.81 EPS for the current year.

Institutional Investors Weigh In On Eledon Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. RA Capital Management L.P. acquired a new stake in Eledon Pharmaceuticals in the fourth quarter worth $14,693,000. First Light Asset Management LLC acquired a new stake in Eledon Pharmaceuticals in the fourth quarter worth $9,595,000. Blue Owl Capital Holdings LP bought a new stake in shares of Eledon Pharmaceuticals during the fourth quarter valued at approximately $8,075,000. Sphera Funds Management LTD. raised its holdings in shares of Eledon Pharmaceuticals by 96.7% during the fourth quarter. Sphera Funds Management LTD. now owns 2,551,619 shares of the company's stock valued at $10,513,000 after buying an additional 1,254,298 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. bought a new stake in shares of Eledon Pharmaceuticals during the fourth quarter valued at approximately $4,848,000. 56.77% of the stock is owned by institutional investors and hedge funds.

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).