Siren L.L.C. Takes $2.34 Million Position in Eledon Pharmaceuticals, Inc. $ELDN

Key Points

• Siren L.L.C. invested $2.34 million in Eledon Pharmaceuticals by acquiring 690,170 shares, representing about 1.15% ownership of the company.
• Eledon Pharmaceuticals has recently been rated as a "Moderate Buy" by analysts, with a consensus price target of $10.00 and three out of four analysts recommending a buy rating.
• The company's stock is currently trading at $2.59, down 3.4%, with a 1-year low of $2.38 and a high of $5.54.

Siren L.L.C. bought a new stake in shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 690,170 shares of the company's stock, valued at approximately $2,340,000. Siren L.L.C. owned 1.15% of Eledon Pharmaceuticals at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Tower Research Capital LLC TRC lifted its stake in Eledon Pharmaceuticals by 418.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,944 shares of the company's stock worth $33,000 after acquiring an additional 6,412 shares during the last quarter. CW Advisors LLC purchased a new position in shares of Eledon Pharmaceuticals in the 1st quarter valued at approximately $34,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Eledon Pharmaceuticals in the 1st quarter valued at approximately $41,000. Alpine Global Management LLC purchased a new position in shares of Eledon Pharmaceuticals in the 4th quarter valued at approximately $56,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Eledon Pharmaceuticals in the 4th quarter valued at approximately $76,000. 56.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ELDN has been the subject of several research reports. HC Wainwright reaffirmed a "buy" rating and set a $9.00 price objective on shares of Eledon Pharmaceuticals in a report on Tuesday, September 2nd. Craig Hallum assumed coverage on Eledon Pharmaceuticals in a research report on Friday, July 25th. They issued a "buy" rating and a $12.00 price objective for the company. Zacks Research downgraded Eledon Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 18th. Finally, Wall Street Zen downgraded Eledon Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Friday, June 6th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Eledon Pharmaceuticals has a consensus rating of "Moderate Buy" and an average price target of $10.00.

Eledon Pharmaceuticals Stock Performance

Shares of NASDAQ:ELDN traded down $0.12 during trading on Friday, hitting $2.42. The company's stock had a trading volume of 677,478 shares, compared to its average volume of 642,976. Eledon Pharmaceuticals, Inc. has a fifty-two week low of $2.38 and a fifty-two week high of $5.54. The stock's 50-day moving average price is $3.01 and its two-hundred day moving average price is $3.11. The company has a market capitalization of $144.91 million, a PE ratio of -2.07 and a beta of -0.12.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.10. On average, equities analysts predict that Eledon Pharmaceuticals, Inc. will post -0.81 earnings per share for the current fiscal year.

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).