Nantahala Capital Management LLC Acquires New Position in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN)

Nantahala Capital Management LLC bought a new stake in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 600,000 shares of the company's stock, valued at approximately $1,584,000. Nantahala Capital Management LLC owned about 2.42% of Eledon Pharmaceuticals at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Armistice Capital LLC increased 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 last quarter. Renaissance Technologies LLC grew its holdings in shares of Eledon Pharmaceuticals by 57.1% during the second 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 last quarter. Dimensional Fund Advisors LP purchased a new position in shares of Eledon Pharmaceuticals during the second quarter worth about $80,000. Marco Investment Management LLC grew its holdings in shares of Eledon Pharmaceuticals by 22.3% during the second 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 last quarter. Finally, CM Management LLC grew its holdings in shares of Eledon Pharmaceuticals by 14.3% during the first quarter. CM Management LLC now owns 160,000 shares of the company's stock worth $330,000 after purchasing an additional 20,000 shares during the last quarter. Hedge funds and other institutional investors own 56.77% of the company's stock.

Analysts Set New Price Targets

Separately, HC Wainwright reaffirmed a "buy" rating and set a $16.00 price objective on shares of Eledon Pharmaceuticals in a report on Tuesday, June 4th.

Eledon Pharmaceuticals Stock Performance

Shares of ELDN stock traded down $0.05 during mid-day trading on Tuesday, hitting $2.44. 25,634 shares of the stock were exchanged, compared to its average volume of 123,107. The stock's fifty day simple moving average is $2.71 and its two-hundred day simple moving average is $2.49. The stock has a market capitalization of $96.77 million, a price-to-earnings ratio of -1.82 and a beta of 0.88. Eledon Pharmaceuticals, Inc. has a 12-month low of $1.07 and a 12-month high of $3.35.

Eledon Pharmaceuticals (NASDAQ:ELDN - Get Free Report) last announced its earnings results on Monday, August 19th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.01). On average, research analysts expect that Eledon Pharmaceuticals, Inc. will post -1.52 earnings per share for the current fiscal year.

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).