Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Receives $9.67 Average Price Target from Analysts

Shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) have received an average recommendation of “Hold” from the five research firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $9.6667.

Several equities research analysts have commented on ELDN shares. Guggenheim lowered their target price on shares of 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 reissued a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a report on Monday, December 29th.

Eledon Pharmaceuticals Trading Up 3.1%

NASDAQ ELDN opened at $1.97 on Friday. Eledon Pharmaceuticals has a 12 month low of $1.35 and a 12 month high of $4.97. The stock has a 50-day simple moving average of $1.75 and a 200 day simple moving average of $2.58. The company has a market capitalization of $118.06 million, a PE ratio of -1.86 and a beta of 0.89.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its earnings results 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 predict that Eledon Pharmaceuticals will post -0.81 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eledon Pharmaceuticals

A number of hedge funds have recently modified their holdings of ELDN. Zimmer Partners LP lifted its holdings in shares of Eledon Pharmaceuticals by 86.1% during the 3rd quarter. Zimmer Partners LP now owns 1,825,000 shares of the company’s stock valued at $4,727,000 after purchasing an additional 844,318 shares in the last quarter. Geode Capital Management LLC raised its holdings in Eledon Pharmaceuticals by 107.6% during the 2nd quarter. Geode Capital Management LLC now owns 1,383,940 shares of the company’s stock worth $3,751,000 after buying an additional 717,223 shares during the period. SG Americas Securities LLC bought a new position in Eledon Pharmaceuticals in the fourth quarter valued at approximately $947,000. First Light Asset Management LLC boosted its holdings in shares of Eledon Pharmaceuticals by 11.7% in the second quarter. First Light Asset Management LLC now owns 2,600,498 shares of the company’s stock valued at $7,047,000 after buying an additional 271,730 shares during the period. Finally, CM Management LLC increased its position in shares of Eledon Pharmaceuticals by 60.0% during the third quarter. CM Management LLC now owns 600,000 shares of the company’s stock worth $1,554,000 after acquiring an additional 225,000 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 (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.