AWM Investment Company Inc. Purchases New Position in Eledon Pharmaceuticals, Inc. $ELDN

Key Points

• AWM Investment Company acquired 1.1 million Eledon Pharmaceuticals shares worth approximately $4.33 million, giving it a 1.43% stake. Institutional investors collectively own 56.77% of the company.
• Analyst sentiment is mixed: Rodman & Renshaw initiated a Buy rating with a $12 price target, while Wall Street Zen downgraded the stock to Strong Sell and Weiss Ratings maintained a Sell rating. The overall consensus remains Moderate Buy with a $9.67 price target.
• Eledon reported a quarterly loss of $0.27 per share, missing the $0.16 consensus estimate. The stock opened at $3.47, compared with a 52-week range of $1.35 to $4.60.

AWM Investment Company Inc. bought a new stake in shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,100,000 shares of the company's stock, valued at approximately $4,334,000. AWM Investment Company Inc. owned 1.43% of Eledon Pharmaceuticals at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. ADAR1 Capital Management LLC bought a new stake in shares of Eledon Pharmaceuticals during the second quarter valued at about $2,552,000. Legal & General Group Plc purchased a new stake in shares of Eledon Pharmaceuticals in the second quarter worth about $28,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Eledon Pharmaceuticals in the second quarter worth about $85,000. Ieq Capital LLC bought a new position in shares of Eledon Pharmaceuticals in the second quarter valued at approximately $190,000. Finally, Grandfield & Dodd LLC bought a new position in shares of Eledon Pharmaceuticals in the second quarter valued at approximately $39,000. Hedge funds and other institutional investors own 56.77% of the company's stock.

Analyst Upgrades and Downgrades

ELDN has been the topic of several recent analyst reports. Wall Street Zen cut shares of Eledon Pharmaceuticals from a "sell" rating to a "strong sell" rating in a research note on Sunday. Rodman & Renshaw started coverage on shares of Eledon Pharmaceuticals in a research report on Tuesday, July 21st. They set a "buy" rating and a $12.00 price target for the company. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Eledon Pharmaceuticals in a research report on Wednesday, June 24th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Eledon Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus price target of $9.67.

Eledon Pharmaceuticals Stock Performance

NASDAQ ELDN opened at $3.47 on Wednesday. Eledon Pharmaceuticals, Inc. has a 52-week low of $1.35 and a 52-week high of $4.60. The company has a fifty day moving average of $3.73 and a 200-day moving average of $3.35. The company has a market capitalization of $281.97 million, a P/E ratio of -3.81 and a beta of 0.98.

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

Eledon Pharmaceuticals Profile

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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