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

Shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) have been given a consensus rating of “Hold” by the five analysts that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $9.6667.

Several research analysts have recently commented on ELDN shares. Guggenheim reduced their price target on Eledon Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating on the stock in a 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.

Institutional Investors Weigh In On Eledon Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ELDN. First Light Asset Management LLC raised 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 buying an additional 271,730 shares during the period. Ensign Peak Advisors Inc raised its stake in shares of Eledon Pharmaceuticals by 94.9% in the 4th quarter. Ensign Peak Advisors Inc now owns 2,464,919 shares of the company’s stock valued at $3,722,000 after acquiring an additional 1,200,000 shares during the period. Zimmer Partners LP lifted its holdings in shares of Eledon Pharmaceuticals by 30.6% in the 4th quarter. Zimmer Partners LP now owns 2,384,228 shares of the company’s stock worth $3,600,000 after acquiring an additional 559,228 shares during the last quarter. Sphera Funds Management LTD. lifted its holdings in shares of Eledon Pharmaceuticals by 97.4% in the 4th quarter. Sphera Funds Management LTD. now owns 2,132,131 shares of the company’s stock worth $3,220,000 after acquiring an additional 1,051,898 shares during the last quarter. Finally, Blue Owl Capital Holdings LP boosted its position in shares of Eledon Pharmaceuticals by 96.9% during the 4th quarter. Blue Owl Capital Holdings LP now owns 1,929,912 shares of the company’s stock worth $2,914,000 after purchasing an additional 950,000 shares during the period. Hedge funds and other institutional investors own 56.77% of the company’s stock.

Eledon Pharmaceuticals Price Performance

ELDN stock opened at $2.51 on Monday. Eledon Pharmaceuticals has a 1 year low of $1.35 and a 1 year high of $4.60. The firm has a market capitalization of $150.42 million, a PE ratio of -2.37 and a beta of 0.84. The business has a 50 day simple moving average of $2.06 and a 200-day simple moving average of $2.32.

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.