Eledon Pharmaceuticals (NASDAQ:ELDN) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Eledon Pharmaceuticals from “strong sell” to “sell,” while the broader analyst consensus remains “Hold” with a $9.67 target price.
• ELDN shares opened at $3.54, compared with a 52-week range of $1.35 to $4.60, and the company reported a quarterly loss of $0.27 per share, missing estimates by $0.11.
• Institutional investors own 56.77% of the stock, with several firms recently initiating or increasing positions in the clinical-stage biopharmaceutical company.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) was upgraded by analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research note issued on Saturday.

Several other brokerages have also recently commented on ELDN. Rodman & Renshaw began coverage on shares of Eledon Pharmaceuticals in a research report on Tuesday, July 21st. They issued a "buy" rating and a $12.00 target price for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Eledon Pharmaceuticals in a research report on Wednesday, June 24th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Eledon Pharmaceuticals currently has a consensus rating of "Hold" and a consensus target price of $9.67.

Eledon Pharmaceuticals Stock Performance

Shares of NASDAQ ELDN opened at $3.54 on Friday. Eledon Pharmaceuticals has a 52 week low of $1.35 and a 52 week high of $4.60. The stock has a market capitalization of $273.25 million, a P/E ratio of -3.89 and a beta of 0.98. The stock's fifty day moving average is $3.73 and its 200 day moving average is $3.28.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.27) EPS for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.11). Equities research analysts forecast that Eledon Pharmaceuticals will post -0.74 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Legal & General Group Plc acquired a new stake in shares of Eledon Pharmaceuticals during the 2nd quarter valued at $28,000. BNP Paribas Financial Markets increased its holdings in Eledon Pharmaceuticals by 143.7% in the 3rd 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 position in Eledon Pharmaceuticals in the 4th quarter worth about $36,000. Relyea Zuckerberg Hanson LLC bought a new position in Eledon Pharmaceuticals in the first quarter valued at about $37,000. Finally, Waverly Advisors LLC bought a new position in Eledon Pharmaceuticals in the first quarter valued at about $39,000. 56.77% of the stock is currently owned by institutional investors.

About Eledon Pharmaceuticals

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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