Point72 Asset Management L.P. Invests $4.51 Million in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN)

Point72 Asset Management L.P. bought a new position in shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) during the 4th quarter, HoldingsChannel reports. The fund bought 1,095,000 shares of the company’s stock, valued at approximately $4,511,000.

Several other institutional investors and hedge funds have also made changes to their positions in ELDN. Kera Capital Partners Inc. acquired a new position in shares of Eledon Pharmaceuticals during the 4th quarter worth approximately $106,000. Inspire Investing LLC acquired a new position in shares of Eledon Pharmaceuticals during the 4th quarter worth approximately $802,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Eledon Pharmaceuticals by 100.1% during the 4th 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 during the last quarter. Virtu Financial LLC acquired a new position in shares of Eledon Pharmaceuticals during the 4th quarter worth approximately $82,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Eledon Pharmaceuticals by 75.4% during the 4th quarter. Geode Capital Management LLC now owns 663,101 shares of the company’s stock worth $2,733,000 after purchasing an additional 285,043 shares during the last quarter. 56.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Eledon Pharmaceuticals Stock Performance

ELDN stock opened at $3.04 on Tuesday. The firm has a market cap of $182.04 million, a PE ratio of -1.51 and a beta of 0.08. The firm’s 50 day moving average price is $3.16 and its 200-day moving average price is $3.93. Eledon Pharmaceuticals, Inc. has a one year low of $2.30 and a one year high of $5.54.

Eledon Pharmaceuticals (NASDAQ:ELDN) last released its quarterly earnings results on Wednesday, May 14th. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.20. Equities research analysts predict that Eledon Pharmaceuticals, Inc. will post -0.81 EPS for the current fiscal 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).