Rodman & Renshaw Begins Coverage on Eledon Pharmaceuticals (NASDAQ:ELDN)

Analysts at Rodman & Renshaw started coverage on shares of Eledon Pharmaceuticals (NASDAQ:ELDN) in a research note issued to investors on Tuesday, Marketbeat.com reports. The firm set a “buy” rating and a $12.00 price target on the stock. Rodman & Renshaw’s target price would suggest a potential upside of 222.58% from the stock’s previous close.

ELDN has been the topic of a number of other research reports. Wall Street Zen lowered shares of Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a report on Wednesday, June 24th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $10.25.

Eledon Pharmaceuticals Price Performance

Shares of ELDN stock opened at $3.72 on Tuesday. The firm has a market cap of $287.15 million, a P/E ratio of -4.83 and a beta of 0.95. Eledon Pharmaceuticals has a 1-year low of $1.35 and a 1-year high of $4.60. The firm’s 50-day simple moving average is $3.80 and its 200-day simple moving average is $3.10.

Eledon Pharmaceuticals (NASDAQ:ELDN) last released its earnings results on Wednesday, May 13th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.11). Analysts expect that Eledon Pharmaceuticals will post -0.74 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ELDN. Defilade Capital Management L.P. boosted its holdings in Eledon Pharmaceuticals by 8.3% in the first quarter. Defilade Capital Management L.P. now owns 3,564,127 shares of the company’s stock valued at $10,978,000 after purchasing an additional 273,677 shares during the last quarter. First Light Asset Management LLC increased its holdings in Eledon Pharmaceuticals by 11.7% during the 2nd quarter. First Light Asset Management LLC now owns 2,600,498 shares of the company’s stock worth $7,047,000 after purchasing an additional 271,730 shares during 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 purchasing an additional 1,200,000 shares during the last quarter. Zimmer Partners LP raised its position 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 valued at $3,600,000 after purchasing an additional 559,228 shares in the last quarter. Finally, Sphera Funds Management LTD. raised its position 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 valued at $3,220,000 after purchasing an additional 1,051,898 shares in the last quarter. 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.