Eledon Pharmaceuticals (NASDAQ:ELDN) Cut to Hold at 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 research report report published on Monday morning,Zacks.com reports.

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

Eledon Pharmaceuticals Trading Up 1.6%

Eledon Pharmaceuticals stock traded up $0.04 on Monday, reaching $2.60. 716,523 shares of the stock were exchanged, compared to its average volume of 1,069,156. The stock has a market cap of $155.69 million, a PE ratio of -2.22 and a beta of -0.15. Eledon Pharmaceuticals has a twelve month low of $2.38 and a twelve month high of $5.54. The firm has a fifty day moving average price of $3.07 and a two-hundred day moving average price of $3.30.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last released its 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. Equities analysts anticipate that Eledon Pharmaceuticals will post -0.81 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Jane Street Group LLC acquired a new position in Eledon Pharmaceuticals in the fourth quarter worth about $504,000. Point72 Asset Management L.P. acquired a new position in Eledon Pharmaceuticals in the fourth quarter worth about $4,511,000. Cubist Systematic Strategies LLC acquired a new position in Eledon Pharmaceuticals in the fourth quarter worth about $101,000. Millennium Management LLC acquired a new position in Eledon Pharmaceuticals in the fourth quarter worth about $490,000. Finally, Geode Capital Management LLC raised its position in Eledon Pharmaceuticals by 75.4% in the fourth quarter. Geode Capital Management LLC now owns 663,101 shares of the company's stock worth $2,733,000 after purchasing an additional 285,043 shares in the last quarter. Institutional investors and hedge funds own 56.77% of the company's stock.

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).