Eledon Pharmaceuticals (NASDAQ:ELDN) Releases Earnings Results, Beats Expectations By $0.10 EPS

Key Points

• Eledon Pharmaceuticals reported an earnings per share (EPS) of ($0.13), which exceeded analysts' expectations by $0.10.
• Shares of Eledon Pharmaceuticals increased by $0.03 during trading, reaching $2.63, with a market cap of $157.48 million.
• Various institutional investors have enhanced their stakes, with Bank of America Corp DE boosting its holdings in Eledon Pharmaceuticals by 261.8% in the second quarter.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) released its earnings results on Thursday. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.10, Zacks reports.

Eledon Pharmaceuticals Price Performance

Shares of Eledon Pharmaceuticals stock traded up $0.03 during trading on Friday, hitting $2.63. The company's stock had a trading volume of 871,897 shares, compared to its average volume of 996,877. The stock has a market cap of $157.48 million, a price-to-earnings ratio of -2.25 and a beta of -0.15. Eledon Pharmaceuticals has a 52 week low of $2.38 and a 52 week high of $5.54. The stock has a 50-day moving average price of $3.11 and a two-hundred day moving average price of $3.38.

Institutional Investors Weigh In On Eledon Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE boosted its holdings in Eledon Pharmaceuticals by 261.8% in the second quarter. Bank of America Corp DE now owns 25,367 shares of the company's stock valued at $69,000 after acquiring an additional 18,355 shares during the last quarter. First Light Asset Management LLC boosted its stake in shares of Eledon Pharmaceuticals by 11.7% in the 2nd quarter. First Light Asset Management LLC now owns 2,600,498 shares of the company's stock valued at $7,047,000 after purchasing an additional 271,730 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Eledon Pharmaceuticals in the 2nd quarter valued at $87,000. Marshall Wace LLP increased its position in shares of Eledon Pharmaceuticals by 393.6% during the second quarter. Marshall Wace LLP now owns 94,772 shares of the company's stock worth $257,000 after buying an additional 75,572 shares during the period. Finally, Invesco Ltd. bought a new position in Eledon Pharmaceuticals during the second quarter worth $81,000. Institutional investors and hedge funds own 56.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ELDN shares. Craig Hallum began coverage on shares of Eledon Pharmaceuticals in a research note on Friday, July 25th. They set a "buy" rating and a $12.00 price objective on the stock. HC Wainwright raised shares of Eledon Pharmaceuticals to a "buy" rating and set a $9.00 price objective on the stock in a research note on Wednesday, June 18th. Finally, Wall Street Zen downgraded shares of Eledon Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Friday, June 6th.

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).

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