Eledon Pharmaceuticals (NASDAQ:ELDN) Coverage Initiated at Guggenheim

Analysts at Guggenheim assumed coverage on shares of Eledon Pharmaceuticals (NASDAQ:ELDN) in a report issued on Tuesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $9.00 price target on the stock. Guggenheim’s price target would suggest a potential upside of 93.13% from the company’s current price.

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

Eledon Pharmaceuticals Trading Up 5.2 %

NASDAQ:ELDN opened at $4.66 on Tuesday. The company has a market cap of $278.39 million, a price-to-earnings ratio of -2.32 and a beta of 0.79. Eledon Pharmaceuticals has a twelve month low of $1.52 and a twelve month high of $5.54. The stock has a fifty day simple moving average of $4.30 and a 200-day simple moving average of $3.49.

Eledon Pharmaceuticals (NASDAQ:ELDN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). As a group, equities research analysts predict that Eledon Pharmaceuticals will post -0.63 EPS for the current fiscal year.

Institutional Trading of Eledon Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP purchased a new stake in shares of Eledon Pharmaceuticals in the second quarter valued at approximately $80,000. Renaissance Technologies LLC lifted its holdings in Eledon Pharmaceuticals by 57.1% during the second quarter. Renaissance Technologies LLC now owns 136,773 shares of the company’s stock valued at $361,000 after purchasing an additional 49,704 shares in the last quarter. Nantahala Capital Management LLC acquired a new stake in shares of Eledon Pharmaceuticals in the second quarter valued at about $1,584,000. Clarity Capital Partners LLC acquired a new position in shares of Eledon Pharmaceuticals during the 3rd quarter worth about $29,000. Finally, Geode Capital Management LLC lifted its stake in 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 buying an additional 33,569 shares in the last quarter. 56.77% of the stock is owned by hedge funds and other institutional investors.

About Eledon Pharmaceuticals

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).