Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Short Interest Down 20.5% in August

Key Points

• Short interest in Eledon Pharmaceuticals has decreased by 20.5%, down to 4,340,000 shares as of August 31st, reflecting 8.3% of its total shares.
• The company's stock increased by 4.7%, reaching $2.55, with a market capitalization of approximately $152.39 million.
• Eledon reported a quarterly earnings per share of ($0.13), surpassing analyst expectations of ($0.23), indicating a potential upward trend in its financial performance.

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Get Free Report) was the recipient of a significant drop in short interest during the month of August. As of August 31st, there was short interest totaling 4,340,000 shares, a drop of 20.5% from the August 15th total of 5,460,000 shares. Approximately 8.3% of the shares of the company are short sold. Based on an average trading volume of 772,100 shares, the days-to-cover ratio is presently 5.6 days. Based on an average trading volume of 772,100 shares, the days-to-cover ratio is presently 5.6 days. Approximately 8.3% of the shares of the company are short sold.

Institutional Trading of Eledon Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Northern Trust Corp increased its stake in Eledon Pharmaceuticals by 38.1% in the fourth quarter. Northern Trust Corp now owns 126,885 shares of the company's stock valued at $523,000 after acquiring an additional 34,992 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Eledon Pharmaceuticals in the 4th quarter valued at $504,000. Bank of America Corp DE increased its stake in shares of Eledon Pharmaceuticals by 1,295.9% in the 4th quarter. Bank of America Corp DE now owns 95,142 shares of the company's stock valued at $392,000 after purchasing an additional 88,326 shares during the last quarter. Millennium Management LLC acquired a new position in shares of Eledon Pharmaceuticals during the 4th quarter worth $490,000. Finally, Woodline Partners LP lifted its position in shares of Eledon Pharmaceuticals by 98.3% during the 4th quarter. Woodline Partners LP now owns 1,671,822 shares of the company's stock worth $6,888,000 after buying an additional 828,930 shares during the last quarter. Institutional investors own 56.77% of the company's stock.

Eledon Pharmaceuticals Stock Performance

Shares of NASDAQ ELDN traded up $0.05 during trading hours on Monday, reaching $2.60. 1,096,670 shares of the stock were exchanged, compared to its average volume of 458,892. The firm has a market capitalization of $155.69 million, a price-to-earnings ratio of -2.22 and a beta of -0.12. The stock's fifty day simple moving average is $2.92 and its 200 day simple moving average is $3.05. Eledon Pharmaceuticals has a 52 week low of $2.32 and a 52 week high of $5.54.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.10. Research analysts predict that Eledon Pharmaceuticals will post -0.81 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently commented on ELDN. Zacks Research cut Eledon Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Monday, August 18th. Craig Hallum initiated coverage on Eledon Pharmaceuticals in a report on Friday, July 25th. They set a "buy" rating and a $12.00 target price on the stock. Wall Street Zen cut Eledon Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Friday, June 6th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $9.00 price objective on shares of Eledon Pharmaceuticals in a research report on Tuesday, September 2nd. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Eledon Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.00.

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).