Woodline Partners LP Buys 828,930 Shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN)

Woodline Partners LP raised its stake in shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Free Report) by 98.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,671,822 shares of the company's stock after acquiring an additional 828,930 shares during the period. Woodline Partners LP owned about 2.80% of Eledon Pharmaceuticals worth $6,888,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Inspire Investing LLC bought a new position in shares of Eledon Pharmaceuticals during the fourth quarter valued at about $802,000. Charles Schwab Investment Management Inc. increased its stake in 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 buying an additional 15,000 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Eledon Pharmaceuticals during the 4th quarter worth approximately $82,000. Geode Capital Management LLC lifted its position in shares of Eledon Pharmaceuticals by 75.4% during 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 in the last quarter. Finally, ADAR1 Capital Management LLC purchased a new position in shares of Eledon Pharmaceuticals in the 4th quarter worth approximately $66,000. 56.77% of the stock is owned by hedge funds and other institutional investors.

Eledon Pharmaceuticals Price Performance

Shares of Eledon Pharmaceuticals stock remained flat at $3.15 on Wednesday. 135,600 shares of the stock were exchanged, compared to its average volume of 273,021. The business has a 50 day moving average of $3.10 and a 200 day moving average of $3.86. Eledon Pharmaceuticals, Inc. has a 1 year low of $2.30 and a 1 year high of $5.54. The stock has a market cap of $188.63 million, a price-to-earnings ratio of -1.57 and a beta of 0.08.

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

Analyst Ratings Changes

A number of analysts recently commented on the company. Guggenheim began coverage on Eledon Pharmaceuticals in a research report on Tuesday, January 28th. They set a "buy" rating and a $9.00 price target for the company. Wall Street Zen upgraded Eledon Pharmaceuticals from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd.

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).