22NW LP Takes $2.16 Million Position 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 acquired a new position in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 636,364 shares of the company's stock, valued at approximately $2,157,000. Eledon Pharmaceuticals accounts for about 1.6% of 22NW LP's portfolio, making the stock its 14th biggest holding. 22NW LP owned approximately 1.06% of Eledon Pharmaceuticals as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of ELDN. RA Capital Management L.P. purchased a new stake in shares of Eledon Pharmaceuticals during the fourth quarter valued at about $14,693,000. First Light Asset Management LLC purchased a new stake in shares of Eledon Pharmaceuticals during the fourth quarter valued at about $9,595,000. Sphera Funds Management LTD. lifted its position in shares of Eledon Pharmaceuticals by 96.7% during the fourth quarter. Sphera Funds Management LTD. now owns 2,551,619 shares of the company's stock valued at $10,513,000 after buying an additional 1,254,298 shares during the last quarter. Frazier Life Sciences Management L.P. purchased a new stake in shares of Eledon Pharmaceuticals during the fourth quarter valued at about $4,848,000. Finally, AWM Investment Company Inc. purchased a new stake in shares of Eledon Pharmaceuticals during the fourth quarter valued at about $4,534,000. 56.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on ELDN shares. Craig Hallum started coverage on shares of Eledon Pharmaceuticals in a research report on Friday, July 25th. They set a "buy" rating and a $12.00 price target for the company. HC Wainwright raised shares of Eledon Pharmaceuticals to a "buy" rating and set a $9.00 price target for the company in a research report on Wednesday, June 18th. Zacks Research downgraded shares of Eledon Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Monday, August 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. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.00.

Eledon Pharmaceuticals Price Performance

NASDAQ:ELDN traded up $0.05 during midday trading on Tuesday, hitting $2.62. The company's stock had a trading volume of 556,226 shares, compared to its average volume of 1,049,209. Eledon Pharmaceuticals, Inc. has a fifty-two week low of $2.38 and a fifty-two week high of $5.54. The firm's 50 day moving average is $3.07 and its 200-day moving average is $3.27. The firm has a market cap of $156.89 million, a P/E ratio of -2.24 and a beta of -0.15.

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

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).