BlackRock Inc. Takes $20.19 Million Position in Eledon Pharmaceuticals, Inc. $ELDN

Key Points

• BlackRock acquired 5.12 million shares of Eledon Pharmaceuticals in the second quarter, valued at approximately $20.19 million, giving it a 6.64% stake.
• Institutional ownership reached 56.77%, with Geode Capital, Goldman Sachs, and Jane Street among investors increasing their positions.
• Eledon’s stock opened at $2.99, while the company reported a quarterly loss of $0.27 per share—worse than the expected $0.16 loss. Analysts maintain a consensus “Hold” rating with a $10 price target.

BlackRock Inc. bought a new position in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 5,123,842 shares of the company's stock, valued at approximately $20,188,000. BlackRock Inc. owned 6.64% of Eledon Pharmaceuticals as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Goldman Sachs Group Inc. raised its position in Eledon Pharmaceuticals by 78.2% during the first quarter. Goldman Sachs Group Inc. now owns 258,106 shares of the company's stock valued at $875,000 after buying an additional 113,261 shares during the period. Jane Street Group LLC boosted its position in 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 acquiring an additional 102,325 shares during the period. Geode Capital Management LLC boosted its position 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 worth $3,751,000 after acquiring an additional 717,223 shares during the period. JPMorgan Chase & Co. purchased a new position in Eledon Pharmaceuticals during the 2nd quarter valued at about $75,000. Finally, American Century Companies Inc. purchased a new position in Eledon Pharmaceuticals during the 2nd quarter valued at about $96,000. Hedge funds and other institutional investors own 56.77% of the company's stock.

Eledon Pharmaceuticals Stock Down 0.7%

ELDN stock opened at $2.99 on Thursday. The company has a market capitalization of $242.97 million, a price-to-earnings ratio of -3.29 and a beta of 0.93. Eledon Pharmaceuticals, Inc. has a 12 month low of $1.35 and a 12 month high of $4.60. The firm has a 50 day moving average of $3.65 and a two-hundred day moving average of $3.40.

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). On average, research analysts expect that Eledon Pharmaceuticals, Inc. will post -0.74 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ELDN has been the topic of a number of research reports. Wall Street Zen downgraded Eledon Pharmaceuticals from a "sell" rating to a "strong sell" rating in a report on Sunday, August 23rd. Rodman & Renshaw began coverage on shares of Eledon Pharmaceuticals in a report on Tuesday, July 21st. They set a "buy" rating and a $12.00 price target for the company. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Eledon Pharmaceuticals in a research report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Eledon Pharmaceuticals has a consensus rating of "Hold" and a consensus price target of $10.00.

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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