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

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) was the recipient of a large increase in short interest in October. As of October 31st, there was short interest totalling 960,600 shares, an increase of 572.2% from the October 15th total of 142,900 shares. Based on an average trading volume of 325,800 shares, the short-interest ratio is presently 2.9 days.

Eledon Pharmaceuticals Trading Down 12.2 %

Shares of ELDN traded down $0.59 during trading hours on Wednesday, hitting $4.23. The company had a trading volume of 293,759 shares, compared to its average volume of 195,078. Eledon Pharmaceuticals has a one year low of $1.11 and a one year high of $5.54. The company’s fifty day moving average price is $3.17 and its two-hundred day moving average price is $2.86.

Eledon Pharmaceuticals (NASDAQ:ELDN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). As a group, equities research analysts anticipate that Eledon Pharmaceuticals will post -1.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Marco Investment Management LLC boosted its stake in Eledon Pharmaceuticals by 22.3% in the 2nd quarter. Marco Investment Management LLC now owns 30,344 shares of the company’s stock worth $80,000 after purchasing an additional 5,535 shares in the last quarter. Clarity Capital Partners LLC acquired a new position in Eledon Pharmaceuticals during the 3rd quarter valued at approximately $29,000. CM Management LLC raised its holdings in shares of Eledon Pharmaceuticals by 14.3% in the first quarter. CM Management LLC now owns 160,000 shares of the company’s stock worth $330,000 after buying an additional 20,000 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of Eledon Pharmaceuticals during the second quarter worth $80,000. Finally, Armistice Capital LLC grew its holdings in shares of Eledon Pharmaceuticals by 1.7% during the second quarter. Armistice Capital LLC now owns 2,336,000 shares of the company’s stock valued at $6,167,000 after buying an additional 39,000 shares during the last quarter. 56.77% of the stock is owned by 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).