First Light Asset Management LLC Makes New Investment in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN)

First Light Asset Management LLC acquired a new position in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,328,768 shares of the company's stock, valued at approximately $9,595,000. Eledon Pharmaceuticals comprises 0.9% of First Light Asset Management LLC's portfolio, making the stock its 29th largest position. First Light Asset Management LLC owned about 3.90% of Eledon Pharmaceuticals at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Tower Research Capital LLC TRC boosted its position in shares of Eledon Pharmaceuticals by 418.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,944 shares of the company's stock valued at $33,000 after buying an additional 6,412 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Eledon Pharmaceuticals by 8.3% during the 4th quarter. Renaissance Technologies LLC now owns 147,173 shares of the company's stock valued at $606,000 after acquiring an additional 11,300 shares during the period. Alpine Global Management LLC purchased a new stake in shares of Eledon Pharmaceuticals during the 4th quarter valued at about $56,000. Charles Schwab Investment Management Inc. grew its stake in shares of Eledon Pharmaceuticals by 100.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 29,987 shares of the company's stock worth $124,000 after acquiring an additional 15,000 shares during the period. Finally, ADAR1 Capital Management LLC purchased a new position in shares of Eledon Pharmaceuticals during the fourth quarter valued at approximately $66,000. 56.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Guggenheim initiated coverage on shares of Eledon Pharmaceuticals in a research note on Tuesday, January 28th. They set a "buy" rating and a $9.00 target price for the company.

Eledon Pharmaceuticals Stock Up 0.9 %

Shares of Eledon Pharmaceuticals stock traded up $0.03 during trading hours on Friday, reaching $3.31. 96,113 shares of the stock traded hands, compared to its average volume of 284,948. The company has a 50 day moving average price of $3.37 and a 200 day moving average price of $3.97. Eledon Pharmaceuticals, Inc. has a one year low of $2.00 and a one year high of $5.54. The firm has a market capitalization of $198.21 million, a price-to-earnings ratio of -1.65 and a beta of 0.66.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last announced its earnings results on Thursday, March 20th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.32). During the same quarter in the prior year, the company posted ($1.00) EPS. Sell-side analysts anticipate that Eledon Pharmaceuticals, Inc. will post -0.81 earnings per share for the current 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).