Eledon Pharmaceuticals (NASDAQ:ELDN) Stock Price Up 1.8% - Here's What Happened

Key Points

• Eledon Pharmaceuticals shares rose 1.8% to $2.30 in mid-day trading, with volume below the stock’s average session level.
• Analyst views remain mixed: Rodman & Renshaw initiated a Buy rating with a $12 price target, while other analysts maintained negative ratings. The consensus rating is Hold, with an average price target of $10.
• The company reported a quarterly loss of $0.27 per share, missing the $0.16-loss consensus estimate. Eledon is a clinical-stage biotechnology firm developing tegoprubart for autoimmune disease and transplantation applications.

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Get Free Report)'s stock price shot up 1.8% during mid-day trading on Thursday. The stock traded as high as $2.32 and last traded at $2.30. Approximately 526,647 shares were traded during trading, a decline of 32% from the average session volume of 778,648 shares. The stock had previously closed at $2.26.

Wall Street Analyst Weigh In

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

Eledon Pharmaceuticals Trading Up 1.8%

The firm has a market capitalization of $186.90 million, a P/E ratio of -2.53 and a beta of 0.84. The stock's 50-day simple moving average is $2.79 and its 200-day simple moving average is $3.38.

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

Institutional Trading of Eledon Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of ELDN. Daytona Street Capital LLC lifted its holdings in Eledon Pharmaceuticals by 12.9% during the third quarter. Daytona Street Capital LLC now owns 91,666 shares of the company's stock worth $231,000 after acquiring an additional 10,500 shares during the period. WINTON GROUP Ltd bought a new position in Eledon Pharmaceuticals in the 2nd quarter valued at $51,000. Maven Securities LTD bought a new position in Eledon Pharmaceuticals in the 2nd quarter valued at $394,000. Corient Private Wealth LP bought a new position in Eledon Pharmaceuticals in the 2nd quarter valued at $71,000. Finally, Triumph Capital Management purchased a new stake in shares of Eledon Pharmaceuticals during the 2nd quarter valued at $1,196,000. 56.77% of the stock is owned by hedge funds and other institutional investors.

Eledon Pharmaceuticals Company Profile

Eledon Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing therapies for patients with life-threatening autoimmune diseases and those undergoing organ or cell transplantation. The company's research is centered on the CD40 ligand (CD40L) pathway, an important regulator of immune-system activation.

Eledon's lead product candidate is tegoprubart, an investigational monoclonal antibody designed to block CD40L and reduce harmful immune responses. The company is evaluating tegoprubart in transplant-related settings, including kidney transplantation, as well as in other potential applications involving immune-mediated disease and cell transplantation.

The company was formerly known as Novus Therapeutics and adopted the Eledon Pharmaceuticals name as it shifted its strategic focus toward immunology and transplantation.

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