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

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

A number of research analysts have recently weighed in on ELDN shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research report on Monday, December 29th. Guggenheim dropped their price target on shares of Eledon Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th.

Hedge Funds Weigh In On Eledon Pharmaceuticals

Several hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. increased its holdings in Eledon Pharmaceuticals by 78.2% in 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. Jane Street Group LLC boosted its position in shares of Eledon Pharmaceuticals by 83.7% during the 1st quarter. Jane Street Group LLC now owns 224,600 shares of the company’s stock valued at $761,000 after acquiring an additional 102,325 shares during the last quarter. Ground Swell Capital LLC bought a new position in shares of Eledon Pharmaceuticals during the 2nd quarter valued at approximately $31,000. Freestone Capital Holdings LLC purchased a new stake in shares of Eledon Pharmaceuticals during the 2nd quarter valued at about $74,000. Finally, ProShare Advisors LLC bought a new position in shares of Eledon Pharmaceuticals in the 2nd quarter valued at about $33,000. Hedge funds and other institutional investors own 56.77% of the company’s stock.

Eledon Pharmaceuticals Stock Up 11.2%

Shares of Eledon Pharmaceuticals stock opened at $2.19 on Thursday. The company’s 50 day moving average is $1.82 and its 200 day moving average is $2.43. Eledon Pharmaceuticals has a twelve month low of $1.35 and a twelve month high of $4.97. The company has a market cap of $131.25 million, a price-to-earnings ratio of -2.07 and a beta of 0.89.

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 analysts’ consensus estimates of ($0.22) by $0.01. Sell-side analysts expect that Eledon Pharmaceuticals will post -0.81 EPS for the current fiscal year.

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.