Analysts Set Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Target Price at $9.67

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) has received a consensus rating of “Hold” from the five research firms that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $9.6667.

ELDN has been the subject of several recent research reports. Guggenheim reduced their price objective on Eledon Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a report on Monday. Finally, HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Eledon Pharmaceuticals in a research report on Tuesday, September 2nd.

Eledon Pharmaceuticals Stock Up 4.5%

ELDN opened at $1.64 on Wednesday. The company has a market cap of $98.29 million, a PE ratio of -1.55 and a beta of 0.79. Eledon Pharmaceuticals has a twelve month low of $1.35 and a twelve month high of $4.98. The company has a 50-day moving average price of $2.41 and a 200 day moving average price of $2.73.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its quarterly earnings data on Friday, November 14th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.01. As a group, sell-side analysts expect that Eledon Pharmaceuticals will post -0.81 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ELDN. Siren L.L.C. acquired a new stake in shares of Eledon Pharmaceuticals in the 1st quarter worth $2,340,000. Goldman Sachs Group Inc. boosted its position in shares of Eledon Pharmaceuticals by 78.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 258,106 shares of the company’s stock valued at $875,000 after acquiring an additional 113,261 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of Eledon Pharmaceuticals in the first quarter valued at about $639,000. 22NW LP acquired a new stake in Eledon Pharmaceuticals during the first quarter worth about $2,157,000. Finally, Freestone Capital Holdings LLC acquired a new stake in Eledon Pharmaceuticals during the second quarter worth about $74,000. 56.77% of the stock is owned by hedge funds and other institutional investors.

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.