Frazier Life Sciences Management L.P. Makes New Investment in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN)

Frazier Life Sciences Management L.P. bought a new position in shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,176,735 shares of the company's stock, valued at approximately $4,848,000. Frazier Life Sciences Management L.P. owned about 1.97% of Eledon Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Woodline Partners LP lifted its stake in shares of Eledon Pharmaceuticals by 98.3% during the 4th quarter. Woodline Partners LP now owns 1,671,822 shares of the company's stock worth $6,888,000 after purchasing an additional 828,930 shares during the period. Velan Capital Investment Management LP purchased a new stake in Eledon Pharmaceuticals in the 4th quarter valued at about $1,335,000. Sphera Funds Management LTD. lifted its holdings in shares of Eledon Pharmaceuticals by 96.7% during the 4th quarter. Sphera Funds Management LTD. now owns 2,551,619 shares of the company's stock worth $10,513,000 after acquiring an additional 1,254,298 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Eledon Pharmaceuticals in the fourth quarter worth approximately $76,000. Finally, Point72 Asset Management L.P. purchased a new stake in Eledon Pharmaceuticals in the fourth quarter valued at approximately $4,511,000. 56.77% of the stock is owned by hedge funds and other institutional investors.

Eledon Pharmaceuticals Stock Up 1.0%

Shares of Eledon Pharmaceuticals stock traded up $0.03 during trading hours on Monday, hitting $3.05. The company's stock had a trading volume of 175,430 shares, compared to its average volume of 273,037. The business has a fifty day moving average of $3.12 and a 200 day moving average of $3.88. Eledon Pharmaceuticals, Inc. has a 1-year low of $2.30 and a 1-year high of $5.54. The company has a market capitalization of $182.64 million, a PE ratio of -1.52 and a beta of 0.08.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last announced its quarterly earnings results on Wednesday, May 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.20. On average, sell-side analysts anticipate that Eledon Pharmaceuticals, Inc. will post -0.81 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ELDN shares. Wall Street Zen upgraded Eledon Pharmaceuticals from a "strong sell" rating to a "hold" rating in a report on Thursday. Guggenheim started coverage on Eledon Pharmaceuticals in a research note on Tuesday, January 28th. They issued a "buy" rating and a $9.00 price objective on the stock.

Eledon Pharmaceuticals Profile

Eledon Pharmaceuticals, Inc operates as a clinical stage biotechnology company. The company uses its immunology expertise in targeting the CD40 Ligand (CD40L, also called CD154) pathway to develop therapies to protect transplanted organs and prevent rejection, and to treat amyotrophic lateral sclerosis (ALS).