Eledon Pharmaceuticals (NASDAQ:ELDN) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen cut shares of Eledon Pharmaceuticals (NASDAQ:ELDN) from a sell rating to a strong sell rating in a report issued on Sunday.

A number of other research analysts also recently weighed in on ELDN. Weiss Ratings restated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research report on Wednesday, June 24th. Rodman & Renshaw started coverage on shares of Eledon Pharmaceuticals in a research report on Tuesday, July 21st. They issued a “buy” rating and a $12.00 price target on the stock. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.67.

Eledon Pharmaceuticals Stock Performance

NASDAQ:ELDN opened at $3.47 on Friday. The firm has a market cap of $281.97 million, a P/E ratio of -3.81 and a beta of 0.98. Eledon Pharmaceuticals has a fifty-two week low of $1.35 and a fifty-two week high of $4.60. The firm has a 50-day simple moving average of $3.73 and a two-hundred day simple moving average of $3.35.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.11). On average, equities research analysts predict that Eledon Pharmaceuticals will post -0.74 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ELDN. BlackRock Inc. bought a new stake in shares of Eledon Pharmaceuticals in the second quarter worth about $20,188,000. ADAR1 Capital Management LLC purchased a new stake in shares of Eledon Pharmaceuticals in the fourth quarter worth about $2,751,000. Jefferies Financial Group Inc. bought a new position in Eledon Pharmaceuticals during the fourth quarter valued at approximately $2,387,000. Ensign Peak Advisors Inc boosted its stake in Eledon Pharmaceuticals by 94.9% during the fourth quarter. Ensign Peak Advisors Inc now owns 2,464,919 shares of the company’s stock valued at $3,722,000 after buying an additional 1,200,000 shares during the last quarter. Finally, AWM Investment Company Inc. bought a new position in Eledon Pharmaceuticals during the second quarter valued at approximately $4,334,000. Institutional investors own 56.77% of the company’s stock.

Eledon Pharmaceuticals Company Profile

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.