Eledon Pharmaceuticals (NASDAQ:ELDN) Shares Up 3.6% – Should You Buy?

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) shares shot up 3.6% during mid-day trading on Monday . The stock traded as high as $2.33 and last traded at $2.28. 584,682 shares traded hands during mid-day trading, a decline of 18% from the average session volume of 710,728 shares. The stock had previously closed at $2.20.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ELDN. Weiss Ratings reissued a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research report on Monday, December 29th. Guggenheim lowered their price objective on Eledon Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $9.67.

Eledon Pharmaceuticals Trading Up 3.6%

The firm has a market cap of $136.64 million, a P/E ratio of -2.15 and a beta of 0.89. The business’s 50-day moving average is $1.77 and its two-hundred day moving average is $2.46.

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

Hedge Funds Weigh In On Eledon Pharmaceuticals

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