Eledon Pharmaceuticals (NASDAQ:ELDN) Share Price Crosses Above 50-Day Moving Average - What's Next?

Key Points

• Eledon Pharmaceuticals shares rose 14.5%, trading as high as $2.81 and closing near $2.76, above the 50-day moving average of $2.71.
• Analyst sentiment is mixed: the stock has an average rating of “Hold” and a consensus target price of $10.00, despite ratings ranging from “buy” to “strong sell.”
• The company reported a quarterly loss of $0.27 per share, missing estimates by $0.11, while institutional investors own 56.77% of the stock. Eledon is developing tegoprubart, an immune-modulating therapy for transplantation and inflammatory diseases.

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Get Free Report) shares passed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $2.71 and traded as high as $2.81. Eledon Pharmaceuticals shares last traded at $2.76, with a volume of 2,075,852 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ELDN shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Eledon Pharmaceuticals in a research note on Monday, September 21st. Rodman & Renshaw assumed coverage on shares of Eledon Pharmaceuticals in a research report on Tuesday, July 21st. They set a "buy" rating and a $12.00 target price on the stock. Finally, Wall Street Zen cut shares of Eledon Pharmaceuticals from a "sell" rating to a "strong sell" rating in a research note on Sunday, August 23rd. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Eledon Pharmaceuticals presently has an average rating of "Hold" and a consensus target price of $10.00.

Eledon Pharmaceuticals Trading Up 14.5%

The company has a market capitalization of $224.28 million, a price-to-earnings ratio of -3.03 and a beta of 0.84. The company has a 50 day moving average price of $2.71 and a 200 day moving average price of $3.08.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.11). Equities analysts predict that Eledon Pharmaceuticals, Inc. will post -0.74 earnings per share for the current year.

Institutional Trading of Eledon Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of Eledon Pharmaceuticals during the second quarter worth $20,188,000. Defilade Capital Management L.P. increased its holdings in Eledon Pharmaceuticals by 8.3% in the first quarter. Defilade Capital Management L.P. now owns 3,564,127 shares of the company's stock valued at $10,978,000 after purchasing an additional 273,677 shares during the last quarter. AWM Investment Company Inc. bought a new stake in Eledon Pharmaceuticals in the second quarter valued at about $4,334,000. Bank of America Corp DE acquired a new position in Eledon Pharmaceuticals in the second quarter valued at about $3,479,000. Finally, ADAR1 Capital Management LLC acquired a new position in Eledon Pharmaceuticals in the second quarter valued at about $2,552,000. Institutional investors own 56.77% of the company's stock.

About Eledon Pharmaceuticals

Eledon Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing therapies that selectively modulate the immune system for patients with life-threatening diseases. The company's research is centered on conditions involving immune activation, including organ transplantation, autoimmune disorders and other inflammatory diseases.

Eledon's lead product candidate is tegoprubart, a monoclonal antibody designed to block CD40 ligand, a protein involved in immune-system signaling.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.