Eledon Pharmaceuticals (NASDAQ:ELDN) Rating Lowered to Sell at Wall Street Zen

Eledon Pharmaceuticals (NASDAQ:ELDN) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Friday.

Eledon Pharmaceuticals Stock Up 3.4%

ELDN stock opened at $3.08 on Friday. Eledon Pharmaceuticals has a 52 week low of $2.30 and a 52 week high of $5.54. The firm has a 50 day moving average of $3.05 and a 200 day moving average of $3.79. The stock has a market capitalization of $184.44 million, a PE ratio of -1.53 and a beta of -0.17.

Eledon Pharmaceuticals (NASDAQ:ELDN) last announced its quarterly earnings data on Wednesday, May 14th. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.20. On average, equities research analysts expect that Eledon Pharmaceuticals will post -0.81 earnings per share for the current year.

Institutional Investors Weigh In On Eledon Pharmaceuticals

Hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC grew its holdings in shares of Eledon Pharmaceuticals by 418.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,944 shares of the company’s stock valued at $33,000 after purchasing an additional 6,412 shares during the period. CW Advisors LLC acquired a new position in Eledon Pharmaceuticals in the first quarter valued at about $34,000. Y Intercept Hong Kong Ltd purchased a new position in Eledon Pharmaceuticals during the first quarter worth about $41,000. Alpine Global Management LLC purchased a new position in Eledon Pharmaceuticals during the fourth quarter worth about $56,000. Finally, ADAR1 Capital Management LLC purchased a new position in Eledon Pharmaceuticals during the fourth quarter worth about $66,000. Hedge funds and other institutional investors own 56.77% of the company’s stock.

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).