Point72 Asset Management L.P. Acquires Shares of 1,095,000 Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN)

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

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC grew its position in shares of Eledon Pharmaceuticals by 418.5% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,944 shares of the company's stock valued at $33,000 after acquiring an additional 6,412 shares during the period. Alpine Global Management LLC acquired a new position in shares of Eledon Pharmaceuticals during the 4th quarter worth approximately $56,000. ADAR1 Capital Management LLC acquired a new position in shares of Eledon Pharmaceuticals during the 4th quarter worth approximately $66,000. Virtu Financial LLC bought a new stake in shares of Eledon Pharmaceuticals during the 4th quarter worth approximately $82,000. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Eledon Pharmaceuticals during the 4th quarter worth approximately $91,000. 56.77% of the stock is currently owned by institutional investors and hedge funds.

Eledon Pharmaceuticals Trading Up 1.0%

Shares of ELDN traded up $0.03 during trading hours on Friday, reaching $3.05. 175,430 shares of the stock traded hands, compared to its average volume of 273,037. The stock has a fifty day simple moving average of $3.12 and a 200 day simple moving average of $3.88. Eledon Pharmaceuticals, Inc. has a 52 week low of $2.30 and a 52 week high of $5.54. The company has a market cap of $182.64 million, a price-to-earnings ratio of -1.52 and a beta of 0.08.

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 analysts' consensus estimates of ($0.28) by $0.20. Analysts predict that Eledon Pharmaceuticals, Inc. will post -0.81 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ELDN has been the subject of a number of research analyst reports. Wall Street Zen upgraded shares of Eledon Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research report on Thursday. Guggenheim initiated coverage on shares of Eledon Pharmaceuticals in a research note on Tuesday, January 28th. They issued a "buy" rating and a $9.00 price objective on the stock.

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).