Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Sees Significant Decline in Short Interest

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) was the target of a large decline in short interest in November. As of November 30th, there was short interest totalling 686,700 shares, a decline of 6.1% from the November 15th total of 731,500 shares. Based on an average trading volume of 432,200 shares, the short-interest ratio is currently 1.6 days.

Institutional Investors Weigh In On Eledon Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC lifted its stake in shares of Eledon Pharmaceuticals by 9.7% in the 3rd quarter. Geode Capital Management LLC now owns 378,058 shares of the company’s stock valued at $942,000 after purchasing an additional 33,569 shares during the last quarter. Clarity Capital Partners LLC acquired a new stake in shares of Eledon Pharmaceuticals in the 3rd quarter valued at $29,000. Nantahala Capital Management LLC acquired a new stake in shares of Eledon Pharmaceuticals in the 2nd quarter valued at $1,584,000. Armistice Capital LLC lifted its position in Eledon Pharmaceuticals by 1.7% during the 2nd quarter. Armistice Capital LLC now owns 2,336,000 shares of the company’s stock worth $6,167,000 after acquiring an additional 39,000 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in Eledon Pharmaceuticals by 57.1% during the 2nd quarter. Renaissance Technologies LLC now owns 136,773 shares of the company’s stock worth $361,000 after acquiring an additional 49,704 shares during the last quarter. Institutional investors and hedge funds own 56.77% of the company’s stock.

Eledon Pharmaceuticals Trading Up 0.7 %

ELDN stock opened at $4.50 on Wednesday. Eledon Pharmaceuticals has a 1 year low of $1.43 and a 1 year high of $5.54. The company has a fifty day simple moving average of $4.06 and a 200 day simple moving average of $3.17. The firm has a market cap of $268.83 million, a PE ratio of -2.24 and a beta of 0.74.

Eledon Pharmaceuticals (NASDAQ:ELDN) last released its quarterly earnings data 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). As a group, analysts forecast that Eledon Pharmaceuticals will post -0.63 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

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).