Velan Capital Investment Management LP Purchases New Position in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN)

Velan Capital Investment Management LP bought a new position in shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 323,973 shares of the company’s stock, valued at approximately $1,335,000. Eledon Pharmaceuticals makes up approximately 1.2% of Velan Capital Investment Management LP’s investment portfolio, making the stock its 15th largest holding. Velan Capital Investment Management LP owned about 0.54% of Eledon Pharmaceuticals as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ELDN. Kera Capital Partners Inc. acquired a new stake in shares of Eledon Pharmaceuticals during the fourth quarter valued at about $106,000. Inspire Investing LLC bought a new stake in shares of Eledon Pharmaceuticals in the fourth quarter worth $802,000. Charles Schwab Investment Management Inc. grew its stake in Eledon Pharmaceuticals by 100.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 29,987 shares of the company’s stock worth $124,000 after purchasing an additional 15,000 shares in the last quarter. Virtu Financial LLC bought a new stake in Eledon Pharmaceuticals in the fourth quarter valued at about $82,000. Finally, Geode Capital Management LLC raised its stake in Eledon Pharmaceuticals by 75.4% during the fourth quarter. Geode Capital Management LLC now owns 663,101 shares of the company’s stock valued at $2,733,000 after buying an additional 285,043 shares in the last quarter. Hedge funds and other institutional investors own 56.77% of the company’s stock.

Analysts Set New Price Targets

Separately, Guggenheim assumed coverage on Eledon Pharmaceuticals in a research report on Tuesday, January 28th. They set a “buy” rating and a $9.00 price target on the stock.

Eledon Pharmaceuticals Stock Down 0.7%

ELDN opened at $2.87 on Monday. Eledon Pharmaceuticals, Inc. has a fifty-two week low of $2.30 and a fifty-two week high of $5.54. The company’s 50-day moving average price is $3.17 and its 200 day moving average price is $3.94. The firm has a market cap of $171.86 million, a price-to-earnings ratio of -1.43 and a beta of 0.08.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its earnings results on Wednesday, May 14th. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.20. Research analysts anticipate that Eledon Pharmaceuticals, Inc. will post -0.81 earnings per share for the current year.

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).