Eledon Pharmaceuticals (NASDAQ:ELDN) Coverage Initiated at Guggenheim

Guggenheim assumed coverage on shares of Eledon Pharmaceuticals (NASDAQ:ELDN) in a research report report published on Tuesday, Marketbeat Ratings reports. The firm issued a buy rating and a $9.00 price target on the stock.

Separately, HC Wainwright reissued a “buy” rating and set a $16.00 target price on shares of Eledon Pharmaceuticals in a research report on Wednesday, November 20th.

Eledon Pharmaceuticals Stock Performance

Shares of NASDAQ:ELDN opened at $4.78 on Tuesday. Eledon Pharmaceuticals has a 52-week low of $1.52 and a 52-week high of $5.54. The business’s 50 day simple moving average is $4.35 and its two-hundred day simple moving average is $3.52. The firm has a market cap of $285.56 million, a P/E ratio of -2.38 and a beta of 0.79.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). On average, equities analysts forecast that Eledon Pharmaceuticals will post -0.63 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eledon Pharmaceuticals

Several institutional investors have recently bought and sold shares of the stock. Nantahala Capital Management LLC purchased a new position in Eledon Pharmaceuticals during the 2nd quarter worth $1,584,000. Geode Capital Management LLC boosted its holdings in Eledon Pharmaceuticals by 9.7% during the third quarter. Geode Capital Management LLC now owns 378,058 shares of the company’s stock worth $942,000 after purchasing an additional 33,569 shares during the last quarter. Inspire Investing LLC purchased a new position in Eledon Pharmaceuticals during the fourth quarter worth about $802,000. Renaissance Technologies LLC grew its position in Eledon Pharmaceuticals by 57.1% in the 2nd quarter. Renaissance Technologies LLC now owns 136,773 shares of the company’s stock worth $361,000 after purchasing an additional 49,704 shares in the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in Eledon Pharmaceuticals in the 2nd quarter valued at about $80,000. Institutional investors own 56.77% of the company’s stock.

Eledon Pharmaceuticals Company Profile

Eledon Pharmaceuticals, Inc operates as a clinical stage biotechnology company. The company uses its immunology expertise in targeting the CD40 Ligand (CD40L, also called CD154) pathway to develop therapies to protect transplanted organs and prevent rejection, and to treat amyotrophic lateral sclerosis (ALS).