Eledon Pharmaceuticals (NASDAQ:ELDN) Cut to Hold at Zacks Research

Zacks Research lowered shares of Eledon Pharmaceuticals (NASDAQ:ELDN) from a strong-buy rating to a hold rating in a report issued on Monday,Zacks.com reports.

Several other research firms have also commented on ELDN. Wall Street Zen lowered shares of Eledon Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Friday, June 6th. Craig Hallum initiated coverage on Eledon Pharmaceuticals in a research report on Friday, July 25th. They set a “buy” rating and a $12.00 price target on the stock. Finally, HC Wainwright raised Eledon Pharmaceuticals to a “buy” rating and set a $9.00 price target on the stock in a research report on Wednesday, June 18th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $10.00.

Eledon Pharmaceuticals Stock Performance

NASDAQ ELDN opened at $2.58 on Monday. Eledon Pharmaceuticals has a one year low of $2.38 and a one year high of $5.54. The company’s 50 day moving average price is $3.09 and its 200 day moving average price is $3.34. The firm has a market capitalization of $154.49 million, a price-to-earnings ratio of -2.21 and a beta of -0.15.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its quarterly earnings results on Thursday, August 14th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.10. Sell-side analysts forecast that Eledon Pharmaceuticals will post -0.81 EPS for the current fiscal year.

Institutional Investors Weigh In On Eledon Pharmaceuticals

A number of institutional investors have recently made changes to their positions in ELDN. Tower Research Capital LLC TRC grew its stake in Eledon Pharmaceuticals by 418.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,944 shares of the company’s stock worth $33,000 after buying an additional 6,412 shares during the last quarter. CW Advisors LLC bought a new position in Eledon Pharmaceuticals during the 1st quarter worth $34,000. Ground Swell Capital LLC bought a new position in Eledon Pharmaceuticals during the 2nd quarter worth $31,000. ProShare Advisors LLC bought a new position in Eledon Pharmaceuticals during the 2nd quarter worth $33,000. Finally, Y Intercept Hong Kong Ltd bought a new position in Eledon Pharmaceuticals during the 1st quarter worth $41,000. 56.77% of the stock is currently owned by institutional investors.

Eledon Pharmaceuticals Company Profile

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).