ADAR1 Capital Management LLC lowered its holdings in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Free Report) by 46.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 974,421 shares of the company's stock after selling 847,391 shares during the quarter. ADAR1 Capital Management LLC owned 1.26% of Eledon Pharmaceuticals worth $3,001,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its stake in Eledon Pharmaceuticals by 78.2% during the first quarter. Goldman Sachs Group Inc. now owns 258,106 shares of the company's stock worth $875,000 after acquiring an additional 113,261 shares in the last quarter. Jane Street Group LLC increased its position in shares of Eledon Pharmaceuticals by 83.7% during the 1st quarter. Jane Street Group LLC now owns 224,600 shares of the company's stock worth $761,000 after purchasing an additional 102,325 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Eledon Pharmaceuticals by 107.6% during the 2nd quarter. Geode Capital Management LLC now owns 1,383,940 shares of the company's stock valued at $3,751,000 after purchasing an additional 717,223 shares during the last quarter. JPMorgan Chase & Co. bought a new position in Eledon Pharmaceuticals during the 2nd quarter valued at about $75,000. Finally, American Century Companies Inc. acquired a new position in Eledon Pharmaceuticals in the second quarter valued at about $96,000. Institutional investors own 56.77% of the company's stock.
Analyst Upgrades and Downgrades
ELDN has been the topic of several research analyst reports. Wall Street Zen cut shares of Eledon Pharmaceuticals from a "sell" rating to a "strong sell" rating in a research note on Saturday, May 16th. Rodman & Renshaw assumed coverage on shares of Eledon Pharmaceuticals in a research note on Tuesday, July 21st. They issued a "buy" rating and a $12.00 target price for the company. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Eledon Pharmaceuticals in a report on Wednesday, June 24th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Eledon Pharmaceuticals currently has an average rating of "Hold" and a consensus price target of $9.67.
Check Out Our Latest Analysis on ELDN
Eledon Pharmaceuticals Trading Down 4.8%
Shares of ELDN stock opened at $3.40 on Wednesday. Eledon Pharmaceuticals, Inc. has a 1 year low of $1.35 and a 1 year high of $4.60. The firm's 50 day moving average is $3.79 and its 200-day moving average is $3.15. The firm has a market capitalization of $262.45 million, a price-to-earnings ratio of -4.42 and a beta of 0.95.
Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last issued its quarterly earnings results on Wednesday, May 13th. The company reported ($0.33) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.11). On average, equities research analysts forecast that Eledon Pharmaceuticals, Inc. will post -0.74 earnings per share for the current fiscal year.
About Eledon Pharmaceuticals
(
Free Report)
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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