Bank of America Corp DE Buys 883,097 Shares of Eledon Pharmaceuticals, Inc. $ELDN

Key Points

• Bank of America purchased 883,097 shares of Eledon Pharmaceuticals in the second quarter, worth approximately $3.48 million and representing a 1.14% stake. Institutional investors collectively own 56.77% of the company.
• Analyst sentiment is mixed: two analysts rate ELDN a Buy and one rates it a Sell, resulting in a consensus Hold rating with an average price target of $10.00.
• Eledon shares opened at $2.50, down 5.3%, while the company reported a quarterly loss of $0.27 per share—worse than the $0.16 loss analysts expected.

Bank of America Corp DE purchased a new stake in shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 883,097 shares of the company's stock, valued at approximately $3,479,000. Bank of America Corp DE owned about 1.14% of Eledon Pharmaceuticals as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in ELDN. Legal & General Group Plc purchased a new position in Eledon Pharmaceuticals during the 2nd quarter valued at about $28,000. Grandfield & Dodd LLC purchased a new position in shares of Eledon Pharmaceuticals during the second quarter valued at approximately $39,000. GK Wealth Management LLC bought a new position in shares of Eledon Pharmaceuticals during the second quarter valued at approximately $45,000. Relyea Zuckerberg Hanson LLC purchased a new stake in Eledon Pharmaceuticals in the first quarter worth $37,000. Finally, Waverly Advisors LLC bought a new stake in Eledon Pharmaceuticals in the first quarter valued at $39,000. Institutional investors own 56.77% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ELDN shares. Rodman & Renshaw started coverage on shares of Eledon Pharmaceuticals in a research report on Tuesday, July 21st. They issued a "buy" rating and a $12.00 target price for the company. Weiss Ratings restated a "sell (d-)" rating on shares of Eledon Pharmaceuticals in a report on Monday, September 21st. Finally, Wall Street Zen cut Eledon Pharmaceuticals from a "sell" rating to a "strong sell" rating in a research report on Sunday, August 23rd. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Eledon Pharmaceuticals presently has a consensus rating of "Hold" and an average price target of $10.00.

Eledon Pharmaceuticals Trading Down 5.3%

Shares of ELDN opened at $2.50 on Wednesday. The company has a market cap of $203.15 million, a price-to-earnings ratio of -2.75 and a beta of 0.93. The business's fifty day simple moving average is $3.20 and its two-hundred day simple moving average is $3.44. Eledon Pharmaceuticals, Inc. has a 12 month low of $1.35 and a 12 month high of $4.60.

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

Eledon Pharmaceuticals Company Profile

Eledon Pharmaceuticals, Inc is a clinical-stage biotechnology company focused on developing therapies that modulate the immune system to address organ and cell transplantation, autoimmune disease, and other immune-mediated conditions. The company's approach is designed to promote immune tolerance while reducing the need for conventional immunosuppressive treatments.

Eledon's lead product candidate is tegoprubart, an investigational monoclonal antibody that targets the CD40 ligand (CD40L) pathway.

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