Eledon Pharmaceuticals (NASDAQ:ELDN) Issues Quarterly Earnings Results

Eledon Pharmaceuticals (NASDAQ:ELDN) released its earnings results on Friday. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.01, FiscalAI reports.

Eledon Pharmaceuticals Price Performance

Shares of Eledon Pharmaceuticals stock remained flat at $1.76 on Friday. The stock had a trading volume of 2,937,208 shares, compared to its average volume of 833,581. The company has a fifty day moving average of $2.94 and a 200 day moving average of $2.99. The stock has a market capitalization of $105.39 million, a price-to-earnings ratio of -1.50 and a beta of 0.63. Eledon Pharmaceuticals has a one year low of $1.43 and a one year high of $5.08.

Hedge Funds Weigh In On Eledon Pharmaceuticals

Several large investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its holdings in shares of Eledon Pharmaceuticals by 107.6% during the second quarter. Geode Capital Management LLC now owns 1,383,940 shares of the company’s stock worth $3,751,000 after purchasing an additional 717,223 shares during the period. First Light Asset Management LLC raised its position 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 purchasing an additional 271,730 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Eledon Pharmaceuticals by 78.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 258,106 shares of the company’s stock worth $875,000 after buying an additional 113,261 shares during the period. Jane Street Group LLC grew its position in shares of Eledon Pharmaceuticals by 83.7% in the 1st quarter. Jane Street Group LLC now owns 224,600 shares of the company’s stock valued at $761,000 after buying an additional 102,325 shares during the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Eledon Pharmaceuticals by 393.6% in the second quarter. Marshall Wace LLP now owns 94,772 shares of the company’s stock valued at $257,000 after buying an additional 75,572 shares during the period. Institutional investors own 56.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have 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. HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Eledon Pharmaceuticals in a research report on Tuesday, September 2nd. Weiss Ratings reissued a “sell (d)” rating on shares of Eledon Pharmaceuticals in a report on Wednesday, October 8th. Finally, Craig Hallum initiated coverage on shares of Eledon Pharmaceuticals in a research note on Friday, July 25th. They issued a “buy” rating and a $12.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Eledon Pharmaceuticals presently has an average rating of “Hold” 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).