Eledon Pharmaceuticals (NASDAQ:ELDN) Issues Earnings Results

Eledon Pharmaceuticals (NASDAQ:ELDN) announced its quarterly earnings results on Thursday. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.11), FiscalAI reports.

Eledon Pharmaceuticals Stock Performance

Shares of ELDN traded down $0.07 on Thursday, hitting $3.70. 622,983 shares of the stock traded hands, compared to its average volume of 945,455. Eledon Pharmaceuticals has a 1 year low of $1.35 and a 1 year high of $4.60. The stock’s 50 day moving average is $3.73 and its two-hundred day moving average is $3.27.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on ELDN shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research note on Wednesday, June 24th. Wall Street Zen lowered Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Finally, Rodman & Renshaw began coverage on Eledon Pharmaceuticals in a report on Tuesday, July 21st. They set a “buy” rating and a $12.00 target price on the stock. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $9.67.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. ADAR1 Capital Management LLC purchased a new stake in Eledon Pharmaceuticals in the 4th quarter valued at about $2,751,000. Ensign Peak Advisors Inc lifted its holdings in shares of Eledon Pharmaceuticals by 94.9% during the 4th quarter. Ensign Peak Advisors Inc now owns 2,464,919 shares of the company’s stock worth $3,722,000 after acquiring an additional 1,200,000 shares during the period. AWM Investment Company Inc. purchased a new position in shares of Eledon Pharmaceuticals during the 4th quarter worth about $1,661,000. Sphera Funds Management LTD. boosted its position in shares of Eledon Pharmaceuticals by 97.4% in the fourth quarter. Sphera Funds Management LTD. now owns 2,132,131 shares of the company’s stock worth $3,220,000 after acquiring an additional 1,051,898 shares during the last quarter. Finally, Zimmer Partners LP boosted its position in shares of Eledon Pharmaceuticals by 86.1% in the third quarter. Zimmer Partners LP now owns 1,825,000 shares of the company’s stock worth $4,727,000 after acquiring an additional 844,318 shares during the last quarter. 56.77% of the stock is currently owned by institutional investors and hedge funds.

About Eledon Pharmaceuticals

Eledon Pharmaceuticals, Inc (NASDAQ:ELDN) is a clinical-stage biopharmaceutical company focused on the discovery and development of therapies for diseases characterized by smooth muscle dysfunction. The company leverages a proprietary ion-channel modulation platform to identify and optimize small-molecule compounds that can either restore or inhibit smooth muscle activity, with the goal of addressing gastrointestinal, hepatic and cardiovascular disorders.

Eledon’s pipeline comprises several preclinical and early-phase clinical programs targeting high-unmet-need indications.