Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Short Interest Update

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

Hedge Funds Weigh In On Eledon Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Eledon Pharmaceuticals by 39.4% during the 1st quarter. Vanguard Group Inc. now owns 969,121 shares of the company's stock valued at $1,996,000 after purchasing an additional 273,703 shares during the period. Nantahala Capital Management LLC bought a new stake in shares of Eledon Pharmaceuticals during the second quarter worth approximately $1,584,000. Armistice Capital LLC lifted its holdings in Eledon Pharmaceuticals by 1.7% in 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 period. Dimensional Fund Advisors LP bought a new position in Eledon Pharmaceuticals in the second quarter valued at approximately $80,000. Finally, Clarity Capital Partners LLC acquired a new stake in Eledon Pharmaceuticals during the 3rd quarter worth $29,000. Institutional investors own 56.77% of the company's stock.

Analyst Upgrades and Downgrades

Separately, HC Wainwright restated a "buy" rating and issued a $16.00 target price on shares of Eledon Pharmaceuticals in a research note on Wednesday, November 20th.

Eledon Pharmaceuticals Price Performance

Shares of ELDN stock traded up $0.09 during trading hours on Monday, reaching $4.47. 598,033 shares of the company were exchanged, compared to its average volume of 214,018. Eledon Pharmaceuticals has a fifty-two week low of $1.43 and a fifty-two week high of $5.54. The stock's fifty day moving average is $4.02 and its two-hundred day moving average is $3.16. The company has a market cap of $267.04 million, a price-to-earnings ratio of -2.22 and a beta of 0.74.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last posted 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). On average, research analysts anticipate that Eledon Pharmaceuticals will post -0.63 earnings per share for the current year.

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).

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