647,812 Shares in Eledon Pharmaceuticals, Inc. $ELDN Acquired by ADAR1 Capital Management LLC

Key Points

• ADAR1 Capital Management acquired 647,812 shares of Eledon Pharmaceuticals in the second quarter, valued at approximately $2.55 million and representing 0.84% of the company. Institutional investors and hedge funds collectively own 56.77% of Eledon.
• Analyst sentiment is mixed: Rodman & Renshaw initiated coverage with a Buy rating and a $12 price target, while Wall Street Zen downgraded the stock to Strong Sell. MarketBeat’s consensus rating remains Moderate Buy, with an average price target of $9.67.
• Eledon shares opened at $3.47, within a 52-week range of $1.35 to $4.60. The company reported a quarterly loss of $0.27 per share, missing estimates by $0.11, and analysts expect a full-year loss of $0.74 per share.

ADAR1 Capital Management LLC purchased a new position in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 647,812 shares of the company's stock, valued at approximately $2,552,000. ADAR1 Capital Management LLC owned 0.84% of Eledon Pharmaceuticals as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Eledon Pharmaceuticals during the second quarter worth about $20,188,000. Jefferies Financial Group Inc. purchased a new position in Eledon Pharmaceuticals in the fourth quarter valued at about $2,387,000. Ensign Peak Advisors Inc boosted its holdings in Eledon Pharmaceuticals by 94.9% in the fourth quarter. Ensign Peak Advisors Inc now owns 2,464,919 shares of the company's stock valued at $3,722,000 after purchasing an additional 1,200,000 shares during the last quarter. AWM Investment Company Inc. acquired a new stake in Eledon Pharmaceuticals during the 4th quarter valued at approximately $1,661,000. Finally, Sphera Funds Management LTD. grew its stake in Eledon Pharmaceuticals by 97.4% during the 4th quarter. Sphera Funds Management LTD. now owns 2,132,131 shares of the company's stock valued at $3,220,000 after purchasing an additional 1,051,898 shares in the last quarter. Institutional investors and hedge funds own 56.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on ELDN shares. Wall Street Zen lowered Eledon Pharmaceuticals from a "sell" rating to a "strong sell" rating in a research report on Sunday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Eledon Pharmaceuticals in a research note on Wednesday, June 24th. Finally, Rodman & Renshaw started coverage on shares of Eledon Pharmaceuticals in a research note on Tuesday, July 21st. They issued a "buy" rating and a $12.00 price target for the company. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Eledon Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $9.67.

Eledon Pharmaceuticals Stock Up 1.8%

Shares of Eledon Pharmaceuticals stock opened at $3.47 on Wednesday. The firm has a market cap of $281.97 million, a P/E ratio of -3.81 and a beta of 0.98. Eledon Pharmaceuticals, Inc. has a fifty-two week low of $1.35 and a fifty-two week high of $4.60. The business has a 50-day moving average price of $3.73 and a 200 day moving average price of $3.35.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last released its 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). As a group, equities research analysts anticipate that Eledon Pharmaceuticals, Inc. will post -0.74 earnings per share for the current year.

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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