Eledon Pharmaceuticals (NASDAQ:ELDN) Stock Falls 1.5% – Here’s Why

by · The Markets Daily

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN – Get Free Report)’s share price dropped 1.5% during trading on Thursday. The company traded as low as $2.60 and last traded at $2.68. Approximately 1,029,520 shares changed hands during mid-day trading, an increase of 10% from the average session volume of 937,334 shares. The stock had previously closed at $2.72.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research report on Monday. Wall Street Zen lowered Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Sunday, August 23rd. Finally, Rodman & Renshaw started coverage on Eledon Pharmaceuticals in a research note on Tuesday, July 21st. They issued a “buy” rating and a $12.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $10.00.

Get Our Latest Stock Analysis on Eledon Pharmaceuticals

Eledon Pharmaceuticals Price Performance

The firm has a market cap of $217.78 million, a P/E ratio of -2.95 and a beta of 0.93. The business’s 50-day moving average is $3.28 and its two-hundred day moving average is $3.45.

Eledon Pharmaceuticals (NASDAQ:ELDN – Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.11). Equities research analysts predict that Eledon Pharmaceuticals, Inc. will post -0.74 EPS for the current year.

Institutional Trading of Eledon Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of ELDN. Legal & General Group Plc acquired a new position in Eledon Pharmaceuticals during the second quarter valued at approximately $28,000. SG Americas Securities LLC increased its position in shares of Eledon Pharmaceuticals by 1.3% during the 1st quarter. SG Americas Securities LLC now owns 635,845 shares of the company’s stock worth $1,958,000 after purchasing an additional 8,453 shares during the last quarter. Grandfield & Dodd LLC acquired a new position in shares of Eledon Pharmaceuticals during the 2nd quarter worth approximately $39,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Eledon Pharmaceuticals during the 2nd quarter worth approximately $43,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Eledon Pharmaceuticals by 8.5% during the 1st quarter. Bank of New York Mellon Corp now owns 144,148 shares of the company’s stock worth $444,000 after purchasing an additional 11,246 shares in the last quarter. Institutional investors own 56.77% of the company’s stock.

About Eledon Pharmaceuticals

(Get Free Report)

Eledon Pharmaceuticals, Inc is a clinical-stage biotechnology company focused on developing therapies that modulate the immune system to address organ and cell transplantation, autoimmune disease, and other immune-mediated conditions. The company’s approach is designed to promote immune tolerance while reducing the need for conventional immunosuppressive treatments.

Eledon’s lead product candidate is tegoprubart, an investigational monoclonal antibody that targets the CD40 ligand (CD40L) pathway.

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