Siren L.L.C. Buys New Position in Eledon Pharmaceuticals, Inc. $ELDN

Siren L.L.C. bought a new stake in shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 690,170 shares of the company’s stock, valued at approximately $2,340,000.

Other institutional investors have also added to or reduced their stakes in the company. RA Capital Management L.P. purchased a new position in shares of Eledon Pharmaceuticals during the 4th quarter worth $14,693,000. Sphera Funds Management LTD. increased its stake in shares of Eledon Pharmaceuticals by 96.7% in the 4th quarter. Sphera Funds Management LTD. now owns 2,551,619 shares of the company’s stock worth $10,513,000 after purchasing an additional 1,254,298 shares in the last quarter. Frazier Life Sciences Management L.P. bought a new position in Eledon Pharmaceuticals in the 4th quarter worth $4,848,000. AWM Investment Company Inc. purchased a new position in Eledon Pharmaceuticals during the fourth quarter valued at $4,534,000. Finally, Point72 Asset Management L.P. purchased a new position in Eledon Pharmaceuticals during the fourth quarter valued at $4,511,000. 56.77% of the stock is currently owned by institutional investors.

Eledon Pharmaceuticals Trading Down 0.4%

Shares of ELDN opened at $2.57 on Friday. The business’s 50 day moving average is $3.06 and its 200 day moving average is $3.25. The company has a market capitalization of $153.89 million, a PE ratio of -2.20 and a beta of -0.15. Eledon Pharmaceuticals, Inc. has a 12-month low of $2.38 and a 12-month high of $5.54.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.10. Equities research analysts predict that Eledon Pharmaceuticals, Inc. will post -0.81 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have commented on ELDN. Zacks Research cut Eledon Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 18th. HC Wainwright raised shares of Eledon Pharmaceuticals to a “buy” rating and set a $9.00 target price for the company in a report on Wednesday, June 18th. Craig Hallum began coverage on shares of Eledon Pharmaceuticals in a research report on Friday, July 25th. They issued a “buy” rating and a $12.00 price target for the company. Finally, Wall Street Zen cut shares of Eledon Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, June 6th. Three investment 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, the stock has an average rating of “Moderate Buy” and an average 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).