Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Given Consensus Rating of “Hold” by Brokerages

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) has been assigned a consensus rating of “Hold” from the five brokerages that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have issued a buy recommendation on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $9.6667.

A number of equities analysts recently weighed in on the stock. Rodman & Renshaw began coverage on shares of Eledon Pharmaceuticals in a research report on Tuesday, July 21st. They set a “buy” rating and a $12.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a report on Wednesday, June 24th. Finally, Wall Street Zen lowered shares of Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th.

Eledon Pharmaceuticals Stock Down 2.6%

Shares of ELDN opened at $3.31 on Thursday. Eledon Pharmaceuticals has a 52-week low of $1.35 and a 52-week high of $4.60. The firm’s fifty day moving average is $3.78 and its two-hundred day moving average is $3.16. The stock has a market cap of $255.50 million, a PE ratio of -4.30 and a beta of 0.95.

Eledon Pharmaceuticals (NASDAQ:ELDN) last released its earnings results on Wednesday, May 13th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.11). As a group, research analysts anticipate that Eledon Pharmaceuticals will post -0.74 earnings per share for the current year.

Hedge Funds Weigh In On Eledon Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. boosted its stake in Eledon Pharmaceuticals by 78.2% during the first 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 last quarter. Jane Street Group LLC grew its holdings in 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 in the last quarter. Geode Capital Management LLC increased its stake in shares of Eledon Pharmaceuticals by 107.6% in the 2nd quarter. Geode Capital Management LLC now owns 1,383,940 shares of the company’s stock worth $3,751,000 after acquiring an additional 717,223 shares during the last quarter. JPMorgan Chase & Co. acquired a new stake in shares of Eledon Pharmaceuticals in the 2nd quarter worth $75,000. Finally, American Century Companies Inc. purchased a new position in shares of Eledon Pharmaceuticals during the 2nd quarter worth $96,000. Hedge funds and other institutional investors own 56.77% of the company’s stock.

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.