Point72 Asset Management L.P. Purchases New Position in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN)

Point72 Asset Management L.P. purchased a new stake in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 1,095,000 shares of the company's stock, valued at approximately $4,511,000. Point72 Asset Management L.P. owned approximately 1.83% of Eledon Pharmaceuticals as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of ELDN. Kera Capital Partners Inc. purchased a new position in shares of Eledon Pharmaceuticals in the 4th quarter valued at about $106,000. Inspire Investing LLC purchased a new position in shares of Eledon Pharmaceuticals in the 4th quarter valued at about $802,000. Charles Schwab Investment Management Inc. increased its stake in shares of Eledon Pharmaceuticals by 100.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 29,987 shares of the company's stock valued at $124,000 after purchasing an additional 15,000 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Eledon Pharmaceuticals in the 4th quarter valued at about $82,000. Finally, Geode Capital Management LLC boosted its holdings in Eledon Pharmaceuticals by 75.4% in the 4th quarter. Geode Capital Management LLC now owns 663,101 shares of the company's stock worth $2,733,000 after buying an additional 285,043 shares during the last quarter. Hedge funds and other institutional investors own 56.77% of the company's stock.

Wall Street Analyst Weigh In

Separately, Guggenheim initiated coverage on Eledon Pharmaceuticals in a report on Tuesday, January 28th. They issued a "buy" rating and a $9.00 price objective on the stock.

Eledon Pharmaceuticals Trading Up 5.9%

ELDN stock opened at $3.04 on Tuesday. Eledon Pharmaceuticals, Inc. has a 12-month low of $2.30 and a 12-month high of $5.54. The stock has a market cap of $182.04 million, a price-to-earnings ratio of -1.51 and a beta of 0.08. The business's 50-day moving average is $3.16 and its 200 day moving average is $3.93.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last posted its quarterly earnings data on Wednesday, May 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.20. As a group, equities analysts forecast that Eledon Pharmaceuticals, Inc. will post -0.81 EPS for the current fiscal year.

About Eledon Pharmaceuticals

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).

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