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

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

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research note on Monday, December 29th.

Eledon Pharmaceuticals Stock Performance

ELDN opened at $2.83 on Friday. Eledon Pharmaceuticals has a 12 month low of $1.35 and a 12 month high of $4.60. The company has a market cap of $214.66 million, a PE ratio of -5.44 and a beta of 0.84. The company has a 50 day moving average of $2.44 and a 200 day moving average of $2.35.

Eledon Pharmaceuticals (NASDAQ:ELDN) last issued its earnings results on Thursday, March 19th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.10. Research analysts forecast that Eledon Pharmaceuticals will post -0.81 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eledon Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. First Light Asset Management LLC lifted 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 worth $7,047,000 after buying an additional 271,730 shares in the last quarter. Ensign Peak Advisors Inc increased its holdings in Eledon Pharmaceuticals by 94.9% during the 4th quarter. Ensign Peak Advisors Inc now owns 2,464,919 shares of the company’s stock worth $3,722,000 after acquiring an additional 1,200,000 shares during the period. Zimmer Partners LP lifted its stake in 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 purchasing an additional 559,228 shares in the last quarter. Sphera Funds Management LTD. lifted its stake in 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 purchasing an additional 1,051,898 shares in the last quarter. Finally, Blue Owl Capital Holdings LP boosted its holdings in Eledon Pharmaceuticals by 96.9% in the 4th quarter. Blue Owl Capital Holdings LP now owns 1,929,912 shares of the company’s stock valued at $2,914,000 after purchasing an additional 950,000 shares during the period. 56.77% of the stock is currently owned by institutional investors.

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.