Eledon Pharmaceuticals (NASDAQ:ELDN) Stock Price Down 0.4% - Here's What Happened

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Get Free Report)'s share price dropped 0.4% during mid-day trading on Tuesday . The company traded as low as $2.58 and last traded at $2.71. Approximately 599,137 shares changed hands during trading, a decline of 45% from the average daily volume of 1,084,569 shares. The stock had previously closed at $2.72.

Analyst Ratings Changes

Several brokerages have weighed in on ELDN. Craig Hallum began coverage on shares of Eledon Pharmaceuticals in a research report on Friday, July 25th. They set a "buy" rating and a $12.00 target price on the stock. Zacks Research lowered shares of Eledon Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 18th. Weiss Ratings restated a "sell (d)" rating on shares of Eledon Pharmaceuticals in a research report on Wednesday, October 8th. Finally, HC Wainwright restated a "buy" rating and set a $9.00 target price on shares of Eledon Pharmaceuticals in a research report on Tuesday, September 2nd. Three research 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 MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $10.00.

Eledon Pharmaceuticals Price Performance

The firm's 50-day moving average is $2.64 and its 200 day moving average is $2.95. The stock has a market cap of $162.27 million, a price-to-earnings ratio of -2.32 and a beta of 0.40.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.10. On average, sell-side analysts forecast that Eledon Pharmaceuticals, Inc. will post -0.81 EPS for the current year.

Institutional Investors Weigh In On Eledon Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the company. Brighton Jones LLC acquired a new stake in Eledon Pharmaceuticals during the 3rd quarter valued at $102,000. Bank of America Corp DE grew its holdings in Eledon Pharmaceuticals by 261.8% during the 2nd quarter. Bank of America Corp DE now owns 25,367 shares of the company's stock valued at $69,000 after purchasing an additional 18,355 shares in the last quarter. First Light Asset Management LLC grew its holdings in Eledon Pharmaceuticals by 11.7% during 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 in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Eledon Pharmaceuticals during the 2nd quarter valued at $87,000. Finally, Velan Capital Investment Management LP grew its holdings in Eledon Pharmaceuticals by 4.6% during the 2nd quarter. Velan Capital Investment Management LP now owns 338,973 shares of the company's stock valued at $919,000 after purchasing an additional 15,000 shares in the last quarter. 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).

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