Eledon Pharmaceuticals (NASDAQ:ELDN) Price Target Cut to $8.00 by Analysts at Guggenheim

Eledon Pharmaceuticals (NASDAQ:ELDN) had its price target lowered by Guggenheim from $9.00 to $8.00 in a report published on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also weighed in on ELDN. Weiss Ratings reiterated a “sell (d)” rating on shares of Eledon Pharmaceuticals in a research note on Wednesday, October 8th. Craig Hallum assumed coverage on Eledon Pharmaceuticals in a research report on Friday, July 25th. They set a “buy” rating and a $12.00 price target for the company. Zacks Research downgraded Eledon Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Monday, August 18th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $9.00 price objective on shares of Eledon Pharmaceuticals in a research note on Tuesday, September 2nd. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $9.67.

Eledon Pharmaceuticals Trading Down 4.9%

Shares of NASDAQ ELDN opened at $1.54 on Tuesday. The company has a 50 day simple moving average of $2.88 and a two-hundred day simple moving average of $2.95. The stock has a market cap of $92.22 million, a price-to-earnings ratio of -1.45 and a beta of 0.63. Eledon Pharmaceuticals has a 12 month low of $1.43 and a 12 month high of $5.08.

Eledon Pharmaceuticals (NASDAQ:ELDN) last released its quarterly earnings data on Friday, November 14th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.01. Analysts forecast that Eledon Pharmaceuticals will post -0.81 EPS for the current year.

Institutional Trading of Eledon Pharmaceuticals

Institutional investors have recently modified their holdings of the stock. Zimmer Partners LP raised its holdings in shares of Eledon Pharmaceuticals by 86.1% during the third quarter. Zimmer Partners LP now owns 1,825,000 shares of the company’s stock valued at $4,727,000 after acquiring an additional 844,318 shares during the last quarter. Geode Capital Management LLC increased its position 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 in the last quarter. Siren L.L.C. purchased a new stake in shares of Eledon Pharmaceuticals during the first quarter worth approximately $2,340,000. 22NW LP acquired a new position in Eledon Pharmaceuticals in the 1st quarter valued at $2,157,000. Finally, First Light Asset Management LLC lifted its holdings in Eledon Pharmaceuticals by 11.7% in the 2nd quarter. First Light Asset Management LLC now owns 2,600,498 shares of the company’s stock valued at $7,047,000 after purchasing an additional 271,730 shares in the last quarter. Institutional investors and hedge funds own 56.77% of the company’s stock.

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).