Triumph Capital Management Takes $1.20 Million Position in Eledon Pharmaceuticals, Inc. $ELDN

Triumph Capital Management bought a new position in shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 303,443 shares of the company’s stock, valued at approximately $1,196,000.

Several other institutional investors have also recently added to or reduced their stakes in ELDN. Susquehanna Fundamental Investments LLC acquired a new position in Eledon Pharmaceuticals in the second quarter valued at approximately $43,000. Navellier & Associates Inc. acquired a new stake in Eledon Pharmaceuticals during the second quarter worth approximately $142,000. Wellington Management Group LLP purchased a new stake in shares of Eledon Pharmaceuticals during the 2nd quarter worth approximately $201,000. Bank of America Corp DE purchased a new stake in shares of Eledon Pharmaceuticals during the 2nd quarter worth approximately $3,479,000. Finally, AWM Investment Company Inc. acquired a new position in shares of Eledon Pharmaceuticals in the 2nd quarter valued at $4,334,000. Hedge funds and other institutional investors own 56.77% of the company’s stock.

Eledon Pharmaceuticals Trading Down 6.9%

ELDN stock opened at $2.98 on Tuesday. The company has a market capitalization of $242.15 million, a P/E ratio of -3.27 and a beta of 0.98. Eledon Pharmaceuticals, Inc. has a twelve month low of $1.35 and a twelve month high of $4.60. The business has a 50 day simple moving average of $3.68 and a 200-day simple moving average of $3.39.

Eledon Pharmaceuticals (NASDAQ:ELDN) last announced its earnings results on Thursday, August 13th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.11). Research analysts predict that Eledon Pharmaceuticals, Inc. will post -0.74 EPS for the current fiscal year.

Analyst Ratings Changes

ELDN has been the topic of several research analyst reports. Wall Street Zen lowered shares of Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research note on Wednesday, June 24th. Finally, Rodman & Renshaw began coverage on Eledon Pharmaceuticals in a report on Tuesday, July 21st. They set a “buy” rating and a $12.00 price objective on the stock. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Eledon Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $9.67.

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.