Eledon Pharmaceuticals (NASDAQ:ELDN) Announces Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Eledon Pharmaceuticals (NASDAQ:ELDN) released its quarterly earnings results on Thursday. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.10, FiscalAI reports.

Eledon Pharmaceuticals Stock Up 1.1%

Eledon Pharmaceuticals stock opened at $2.88 on Friday. Eledon Pharmaceuticals has a 52 week low of $1.35 and a 52 week high of $4.60. The company’s 50 day moving average price is $2.34 and its two-hundred day moving average price is $2.34. The stock has a market cap of $172.60 million, a P/E ratio of -5.54 and a beta of 0.84.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a report on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $9.67.

Institutional Trading of Eledon Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the business. First Light Asset Management LLC grew its stake in Eledon Pharmaceuticals by 11.7% in the 2nd quarter. First Light Asset Management LLC now owns 2,600,498 shares of the company’s stock valued at $7,047,000 after purchasing an additional 271,730 shares during the period. Ensign Peak Advisors Inc increased its position 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 valued at $3,722,000 after purchasing an additional 1,200,000 shares during the last quarter. State Street Corp raised its stake in shares of Eledon Pharmaceuticals by 18.1% during the 4th quarter. State Street Corp now owns 773,885 shares of the company’s stock worth $1,169,000 after purchasing an additional 118,409 shares during the period. Velan Capital Investment Management LP boosted its holdings in shares of Eledon Pharmaceuticals by 2.4% in the 3rd quarter. Velan Capital Investment Management LP now owns 346,973 shares of the company’s stock worth $899,000 after buying an additional 8,000 shares during the last quarter. Finally, Jane Street Group LLC boosted its holdings in shares of Eledon Pharmaceuticals by 169.6% in the 4th quarter. Jane Street Group LLC now owns 489,376 shares of the company’s stock worth $739,000 after buying an additional 307,875 shares during the last quarter. 56.77% of the stock is owned by hedge funds and other institutional investors.

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.