Eledon Pharmaceuticals (NASDAQ:ELDN) Trading Up 3% – Time to Buy?

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) shot up 3% on Wednesday . The stock traded as high as $1.7550 and last traded at $1.71. 1,023,982 shares were traded during mid-day trading, an increase of 19% from the average session volume of 861,121 shares. The stock had previously closed at $1.66.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Guggenheim dropped their price target on Eledon Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research note on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Eledon Pharmaceuticals currently has a consensus rating of “Hold” and a consensus price target of $9.67.

Eledon Pharmaceuticals Stock Up 3.0%

The business has a 50-day moving average price of $1.95 and a 200-day moving average price of $2.60. The firm has a market capitalization of $102.48 million, a PE ratio of -1.61 and a beta of 0.89.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets increased its position in Eledon Pharmaceuticals by 143.7% during the third quarter. BNP Paribas Financial Markets now owns 12,154 shares of the company’s stock worth $31,000 after purchasing an additional 7,166 shares during the last quarter. Ground Swell Capital LLC acquired a new position in Eledon Pharmaceuticals in the 2nd quarter valued at about $31,000. ProShare Advisors LLC purchased a new stake in shares of Eledon Pharmaceuticals in the 2nd quarter valued at approximately $33,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Eledon Pharmaceuticals in the 2nd quarter valued at approximately $37,000. Finally, Bank of America Corp DE increased its holdings in shares of Eledon Pharmaceuticals by 261.8% during the 2nd quarter. Bank of America Corp DE now owns 25,367 shares of the company’s stock worth $69,000 after buying an additional 18,355 shares during the last quarter. Institutional investors and hedge funds own 56.77% of the company’s stock.

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.