Eledon Pharmaceuticals (NASDAQ:ELDN) Stock Crosses Below 50 Day Moving Average - Here's Why

Key Points

• Eledon Pharmaceuticals fell below its 50-day moving average: Shares traded as low as $2.36 and last changed hands at $2.37, below the $2.58 average.
• Analyst views are mixed, with two Buy ratings and one Sell; MarketBeat reports a consensus Hold rating and an average price target of $10.
• The company reported a quarterly loss of $0.18 per share, slightly better than analysts’ $0.19 loss estimate. Hedge funds and other institutions own 56.77% of the stock.

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Get Free Report)'s share price crossed below its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of $2.58 and traded as low as $2.36. Eledon Pharmaceuticals shares last traded at $2.37, with a volume of 809,841 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ELDN. Rodman & Renshaw started coverage on shares of Eledon Pharmaceuticals in a research note on Tuesday, July 21st. They issued a "buy" rating and a $12.00 price objective on the stock. Weiss Ratings upgraded shares of Eledon Pharmaceuticals from a "sell (d-)" rating to a "sell (d)" rating in a research report on Monday. Finally, Wall Street Zen cut shares of Eledon Pharmaceuticals from a "sell" rating to a "strong sell" rating in a report on Sunday, August 23rd. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $10.00.

Eledon Pharmaceuticals Trading Down 11.2%

The stock has a market cap of $192.59 million, a P/E ratio of -2.60 and a beta of 0.95. The company has a 50-day moving average price of $2.58 and a two-hundred day moving average price of $3.11.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last posted its quarterly earnings data on Friday, November 13th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.19) by $0.01. As a group, equities analysts forecast that Eledon Pharmaceuticals, Inc. will post -0.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eledon Pharmaceuticals

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

Eledon Pharmaceuticals Company Profile

Eledon Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing therapies for serious diseases involving the immune system. The company's research focuses on modulating immune responses to help address conditions such as organ transplant rejection and amyotrophic lateral sclerosis (ALS). Its lead investigational product, tegoprubart, is an antibody that targets CD40 ligand, a protein involved in immune-system activation. Eledon is studying tegoprubart as a potential treatment to reduce rejection following organ transplantation and in research involving ALS.

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