Wellington Management Group LLP Acquires New Holdings in Eledon Pharmaceuticals, Inc. $ELDN

Wellington Management Group LLP bought a new stake in shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 188,485 shares of the company's stock, valued at approximately $639,000. Wellington Management Group LLP owned about 0.31% of Eledon Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of ELDN. Sphera Funds Management LTD. raised its stake in Eledon Pharmaceuticals by 96.7% during the fourth quarter. Sphera Funds Management LTD. now owns 2,551,619 shares of the company's stock valued at $10,513,000 after purchasing an additional 1,254,298 shares in the last quarter. Woodline Partners LP raised its position 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 valued at $6,888,000 after buying an additional 828,930 shares in the last quarter. Ensign Peak Advisors Inc lifted its holdings in shares of Eledon Pharmaceuticals by 185.5% in the 4th quarter. Ensign Peak Advisors Inc now owns 1,264,919 shares of the company's stock valued at $5,211,000 after acquiring an additional 821,918 shares during the last quarter. Frazier Life Sciences Management L.P. bought a new position in shares of Eledon Pharmaceuticals in the 4th quarter valued at about $4,848,000. Finally, AWM Investment Company Inc. purchased a new position in Eledon Pharmaceuticals in the fourth quarter worth about $4,534,000. 56.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ELDN shares. HC Wainwright restated a "buy" rating and set a $9.00 price objective on shares of Eledon Pharmaceuticals in a research report on Tuesday. Wall Street Zen downgraded Eledon Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Friday, June 6th. Zacks Research cut shares of Eledon Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 18th. Finally, Craig Hallum started coverage on shares of Eledon Pharmaceuticals in a report on Friday, July 25th. They set a "buy" rating and a $12.00 price target on the stock. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $10.00.

Eledon Pharmaceuticals Price Performance

ELDN stock traded up $0.10 during mid-day trading on Friday, reaching $2.71. The company had a trading volume of 884,551 shares, compared to its average volume of 639,704. The company has a market capitalization of $162.27 million, a PE ratio of -2.32 and a beta of -0.12. The firm has a 50 day moving average of $3.05 and a 200 day moving average of $3.17. Eledon Pharmaceuticals, Inc. has a 12 month low of $2.38 and a 12 month high of $5.54.

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, topping the consensus estimate of ($0.23) by $0.10. Analysts anticipate that Eledon Pharmaceuticals, Inc. will post -0.81 EPS for the current year.

Eledon Pharmaceuticals Company 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).