22NW LP Makes New Investment in Eledon Pharmaceuticals, Inc. $ELDN

Key Points

• 22NW LP has acquired a new stake in Eledon Pharmaceuticals, purchasing 636,364 shares valued at approximately $2.16 million, making it the 14th largest position in their portfolio.
• Several large investors have significantly increased their positions in Eledon Pharmaceuticals during the 4th quarter, with RA Capital Management and Sphera Funds Management making notable investments.
• Eledon Pharmaceuticals' stock has a current price of $2.60, with a market cap of $155.69 million and an average price target from analysts set at $10.00.

22NW LP bought a new position in shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 636,364 shares of the company's stock, valued at approximately $2,157,000. Eledon Pharmaceuticals makes up 1.6% of 22NW LP's holdings, making the stock its 14th biggest position. 22NW LP owned 1.06% of Eledon Pharmaceuticals as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC lifted its holdings in Eledon Pharmaceuticals by 418.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,944 shares of the company's stock worth $33,000 after buying an additional 6,412 shares in the last quarter. CW Advisors LLC purchased a new stake in shares of Eledon Pharmaceuticals in the 1st quarter valued at approximately $34,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Eledon Pharmaceuticals in the 1st quarter valued at approximately $41,000. Alpine Global Management LLC purchased a new stake in shares of Eledon Pharmaceuticals in the 4th quarter valued at approximately $56,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Eledon Pharmaceuticals in the 4th quarter valued at approximately $76,000. 56.77% of the stock is currently owned by institutional investors and hedge funds.

Eledon Pharmaceuticals Trading Up 1.0%

Shares of NASDAQ ELDN traded up $0.03 during mid-day trading on Friday, reaching $2.60. The company had a trading volume of 158,030 shares, compared to its average volume of 428,528. The firm has a 50 day simple moving average of $3.06 and a two-hundred day simple moving average of $3.25. The stock has a market cap of $155.39 million, a P/E ratio of -2.21 and a beta of -0.15. Eledon Pharmaceuticals, Inc. has a 52-week low of $2.38 and a 52-week high of $5.54.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported ($0.13) EPS for the quarter, beating analysts' consensus estimates of ($0.23) by $0.10. On average, equities analysts expect that Eledon Pharmaceuticals, Inc. will post -0.81 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on ELDN shares. Zacks Research downgraded shares of Eledon Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 18th. HC Wainwright raised shares of Eledon Pharmaceuticals to a "buy" rating and set a $9.00 price objective on the stock in a research report on Wednesday, June 18th. Craig Hallum started coverage on shares of Eledon Pharmaceuticals in a research report on Friday, July 25th. They issued a "buy" rating and a $12.00 price objective on the stock. Finally, Wall Street Zen downgraded shares of Eledon Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Friday, June 6th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Eledon Pharmaceuticals presently has an average rating of "Moderate Buy" and an average price target of $10.00.

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).