Eledon Pharmaceuticals (NASDAQ:ELDN) Trading Down 3.9% - Should You Sell?

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Get Free Report)'s stock price fell 3.9% during mid-day trading on Monday . The company traded as low as $4.58 and last traded at $4.64. 280,107 shares changed hands during trading, a decline of 43% from the average session volume of 493,101 shares. The stock had previously closed at $4.83.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a "buy" rating and issued a $16.00 price objective on shares of Eledon Pharmaceuticals in a report on Wednesday, November 20th.

Eledon Pharmaceuticals Stock Down 2.8 %

The stock has a market cap of $269.42 million, a P/E ratio of -2.24 and a beta of 0.79. The company has a 50-day simple moving average of $4.44 and a two-hundred day simple moving average of $3.33.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). As a group, sell-side analysts forecast that Eledon Pharmaceuticals, Inc. will post -0.63 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eledon Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. Clarity Capital Partners LLC bought a new position in shares of Eledon Pharmaceuticals during the third quarter valued at approximately $29,000. Dimensional Fund Advisors LP bought a new position in Eledon Pharmaceuticals in the 2nd quarter worth $80,000. Marco Investment Management LLC lifted its position in shares of 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 during the period. Renaissance Technologies LLC lifted its position in shares of Eledon Pharmaceuticals by 57.1% in the 2nd quarter. Renaissance Technologies LLC now owns 136,773 shares of the company's stock worth $361,000 after purchasing an additional 49,704 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Eledon Pharmaceuticals by 9.7% during the 3rd 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. Hedge funds and other 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).