Eledon Pharmaceuticals, Inc. $ELDN Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its Eledon Pharmaceuticals stake by 1,346.9% in the first quarter, ending with 869,544 shares valued at approximately $2.68 million. Institutional investors and hedge funds collectively own 56.77% of the company.
• Eledon shares opened at $2.98, down 6.9%, and the company reported a quarterly loss of $0.27 per share, missing analyst expectations of a $0.16 loss.
• Analyst sentiment is mixed: MarketBeat shows an overall “Moderate Buy” rating with an average price target of $9.67, despite recent sell and strong-sell ratings from some firms.

Bank of America Corp DE boosted its stake in shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Free Report) by 1,346.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 869,544 shares of the company's stock after buying an additional 809,446 shares during the quarter. Bank of America Corp DE owned 1.13% of Eledon Pharmaceuticals worth $2,678,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Catalio Capital Management LP grew its stake in shares of Eledon Pharmaceuticals by 18.7% in the fourth quarter. Catalio Capital Management LP now owns 1,259,820 shares of the company's stock valued at $1,902,000 after buying an additional 198,688 shares in the last quarter. Blue Owl Capital Holdings LP lifted its stake in Eledon Pharmaceuticals by 96.9% during the 4th quarter. Blue Owl Capital Holdings LP now owns 1,929,912 shares of the company's stock worth $2,914,000 after acquiring an additional 950,000 shares in the last quarter. Jefferies Financial Group Inc. acquired a new position in Eledon Pharmaceuticals during the 4th quarter worth about $2,387,000. AQR Capital Management LLC purchased a new position in Eledon Pharmaceuticals during the 4th quarter valued at about $91,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Eledon Pharmaceuticals during the 2nd quarter valued at about $87,000. 56.77% of the stock is currently owned by institutional investors and hedge funds.

Eledon Pharmaceuticals Stock Down 6.9%

NASDAQ ELDN opened at $2.98 on Tuesday. Eledon Pharmaceuticals, Inc. has a 52 week low of $1.35 and a 52 week high of $4.60. The firm has a 50 day moving average of $3.68 and a two-hundred day moving average of $3.39. The stock has a market capitalization of $242.15 million, a PE ratio of -3.27 and a beta of 0.98.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last announced its quarterly earnings data 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, equities research analysts expect that Eledon Pharmaceuticals, Inc. will post -0.74 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Wall Street Zen downgraded Eledon Pharmaceuticals from a "sell" rating to a "strong sell" rating in a research report on Sunday, August 23rd. 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 price objective for the company. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Eledon Pharmaceuticals in a report on Wednesday, June 24th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $9.67.

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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