HC Wainwright Reaffirms “Buy” Rating for Eledon Pharmaceuticals (NASDAQ:ELDN)

Eledon Pharmaceuticals (NASDAQ:ELDN)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research report issued on Wednesday,Benzinga reports. They currently have a $16.00 price target on the stock. HC Wainwright’s price target indicates a potential upside of 312.37% from the stock’s previous close.

Eledon Pharmaceuticals Price Performance

NASDAQ ELDN opened at $3.88 on Wednesday. Eledon Pharmaceuticals has a 1 year low of $1.11 and a 1 year high of $5.54. The stock has a market capitalization of $153.87 million, a PE ratio of -1.93 and a beta of 0.76. The business’s 50-day moving average is $3.31 and its 200 day moving average is $2.92.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). As a group, equities research analysts anticipate that Eledon Pharmaceuticals will post -0.72 earnings per share for the current year.

Hedge Funds Weigh In On Eledon Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the business. Marco Investment Management LLC raised its stake in shares of Eledon Pharmaceuticals by 22.3% in the second quarter. Marco Investment Management LLC now owns 30,344 shares of the company’s stock worth $80,000 after buying an additional 5,535 shares during the period. Clarity Capital Partners LLC purchased a new stake in Eledon Pharmaceuticals in the 3rd quarter worth approximately $29,000. Dimensional Fund Advisors LP bought a new stake in Eledon Pharmaceuticals during the 2nd quarter worth approximately $80,000. Geode Capital Management LLC lifted 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 valued at $942,000 after purchasing an additional 33,569 shares in the last quarter. Finally, Armistice Capital LLC lifted its holdings in 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 purchasing an additional 39,000 shares in the last quarter. Hedge funds and other 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).