Wall Street Zen Downgrades Eledon Pharmaceuticals (NASDAQ:ELDN) to Strong Sell

Key Points

• Wall Street Zen downgraded Eledon Pharmaceuticals from “sell” to “strong sell,” although the broader analyst consensus remains “Moderate Buy,” with a $9.67 price target.
• Eledon shares opened at $3.45, down 2%, while the company reported a quarterly loss of $0.27 per share—worse than the expected $0.16 loss.
• Institutional investors own 56.77% of the stock, with BlackRock establishing an approximately $20.2 million position and several other hedge funds increasing their holdings.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research note issued to investors on Sunday.

Other analysts have also recently issued reports about the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Eledon Pharmaceuticals in a research report on Wednesday, June 24th. Rodman & Renshaw started coverage on Eledon Pharmaceuticals in a report on Tuesday, July 21st. They issued a "buy" rating and a $12.00 price objective on the stock. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $9.67.

Eledon Pharmaceuticals Trading Down 2.0%

Shares of ELDN stock opened at $3.45 on Friday. The stock has a market capitalization of $280.35 million, a price-to-earnings ratio of -3.79 and a beta of 0.98. Eledon Pharmaceuticals has a 12-month low of $1.35 and a 12-month high of $4.60. The stock's 50-day moving average price is $3.73 and its 200-day moving average price is $3.33.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last posted its quarterly 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). As a group, research analysts predict that Eledon Pharmaceuticals will post -0.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Eledon Pharmaceuticals

Several hedge funds have recently made changes to their positions in ELDN. BlackRock Inc. bought a new position in shares of Eledon Pharmaceuticals during the second quarter worth approximately $20,188,000. Defilade Capital Management L.P. grew its position in 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 buying an additional 273,677 shares in the last quarter. First Light Asset Management LLC increased its stake in Eledon Pharmaceuticals by 11.7% during the 2nd quarter. First Light Asset Management LLC now owns 2,600,498 shares of the company's stock worth $7,047,000 after acquiring an additional 271,730 shares during the period. Ensign Peak Advisors Inc increased its stake in Eledon Pharmaceuticals by 94.9% during the 4th quarter. Ensign Peak Advisors Inc now owns 2,464,919 shares of the company's stock worth $3,722,000 after acquiring an additional 1,200,000 shares during the period. Finally, Zimmer Partners LP raised its holdings in Eledon Pharmaceuticals by 30.6% in the 4th quarter. Zimmer Partners LP now owns 2,384,228 shares of the company's stock valued at $3,600,000 after acquiring an additional 559,228 shares in the last quarter. 56.77% of the stock is owned by institutional investors.

About Eledon Pharmaceuticals

Eledon Pharmaceuticals, Inc NASDAQ: ELDN is a clinical-stage biopharmaceutical company focused on the discovery and development of therapies for diseases characterized by smooth muscle dysfunction. The company leverages a proprietary ion-channel modulation platform to identify and optimize small-molecule compounds that can either restore or inhibit smooth muscle activity, with the goal of addressing gastrointestinal, hepatic and cardiovascular disorders.

Eledon’s pipeline comprises several preclinical and early-phase clinical programs targeting high-unmet-need indications.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source