First Light Asset Management LLC Buys Shares of 2,328,768 Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN)

First Light Asset Management LLC purchased a new position in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 2,328,768 shares of the company's stock, valued at approximately $9,595,000. Eledon Pharmaceuticals comprises approximately 0.9% of First Light Asset Management LLC's investment portfolio, making the stock its 29th largest position. First Light Asset Management LLC owned 3.90% of Eledon Pharmaceuticals at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in ELDN. Blue Owl Capital Holdings LP bought a new position in Eledon Pharmaceuticals during the fourth quarter worth about $8,075,000. Geode Capital Management LLC boosted its stake in 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 acquiring an additional 285,043 shares during the last quarter. Boothbay Fund Management LLC bought a new position in Eledon Pharmaceuticals during the 4th quarter worth approximately $1,409,000. Inspire Investing LLC bought a new stake in Eledon Pharmaceuticals in the fourth quarter valued at approximately $802,000. Finally, Renaissance Technologies LLC increased its stake in Eledon Pharmaceuticals by 8.3% in the fourth quarter. Renaissance Technologies LLC now owns 147,173 shares of the company's stock valued at $606,000 after purchasing an additional 11,300 shares in the last quarter. 56.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Guggenheim started coverage on shares of Eledon Pharmaceuticals in a research report on Tuesday, January 28th. They issued a "buy" rating and a $9.00 price objective for the company.

Eledon Pharmaceuticals Trading Up 0.9 %

Shares of NASDAQ:ELDN traded up $0.03 during trading on Friday, hitting $3.31. 96,113 shares of the company's stock traded hands, compared to its average volume of 284,287. The company has a 50-day moving average price of $3.39 and a 200-day moving average price of $3.97. Eledon Pharmaceuticals, Inc. has a 52 week low of $2.00 and a 52 week high of $5.54. The company has a market cap 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 quarterly earnings results on Thursday, March 20th. The company reported ($0.64) earnings per share for the quarter, missing analysts' consensus estimates of ($0.32) by ($0.32). During the same quarter in the previous year, the company earned ($1.00) EPS. On average, analysts predict that Eledon Pharmaceuticals, Inc. will post -0.81 earnings per share for the current fiscal 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).