Eledon Pharmaceuticals (NASDAQ:ELDN) Coverage Initiated by Analysts at Guggenheim

Guggenheim began coverage on shares of Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) in a research report issued on Tuesday, Marketbeat Ratings reports. The brokerage set a "buy" rating and a $9.00 price target on the stock. Guggenheim's price target indicates a potential upside of 99.56% from the company's current price.

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

Eledon Pharmaceuticals Trading Down 5.6 %

NASDAQ:ELDN traded down $0.27 during trading hours on Tuesday, reaching $4.51. 224,103 shares of the company traded hands, compared to its average volume of 333,394. The business's 50-day moving average price is $4.35 and its two-hundred day moving average price is $3.52. Eledon Pharmaceuticals has a 1 year low of $1.52 and a 1 year high of $5.54. The stock has a market capitalization of $269.42 million, a P/E ratio of -2.24 and a beta of 0.79.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last posted its quarterly earnings results 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, equities analysts anticipate that Eledon Pharmaceuticals will post -0.63 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ELDN. Nantahala Capital Management LLC purchased a new position in Eledon Pharmaceuticals in the second quarter worth about $1,584,000. Geode Capital Management LLC boosted its holdings in shares of Eledon Pharmaceuticals by 9.7% in the third quarter. Geode Capital Management LLC now owns 378,058 shares of the company's stock worth $942,000 after buying an additional 33,569 shares during the last quarter. Inspire Investing LLC bought a new stake in Eledon Pharmaceuticals during the fourth quarter valued at approximately $802,000. Renaissance Technologies LLC increased 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 buying an additional 49,704 shares during the last quarter. Finally, Dimensional Fund Advisors LP bought a new position in Eledon Pharmaceuticals in the second quarter worth approximately $80,000. Institutional investors own 56.77% of the company's stock.

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).