Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Short Interest Up 30.3% in March

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) saw a significant increase in short interest during the month of March. As of March 13th, there was short interest totaling 8,417,915 shares, an increase of 30.3% from the February 26th total of 6,458,931 shares. Based on an average daily trading volume, of 1,292,590 shares, the days-to-cover ratio is presently 6.5 days. Approximately 12.7% of the company’s stock are short sold.

Eledon Pharmaceuticals Trading Up 13.7%

ELDN stock traded up $0.37 during trading on Tuesday, reaching $3.08. 1,907,737 shares of the stock were exchanged, compared to its average volume of 1,017,532. Eledon Pharmaceuticals has a 1 year low of $1.35 and a 1 year high of $4.60. The firm has a market capitalization of $233.62 million, a price-to-earnings ratio of -5.92 and a beta of 0.84. The business has a 50 day moving average price of $2.45 and a 200-day moving average price of $2.35.

Eledon Pharmaceuticals (NASDAQ:ELDN) last released its quarterly earnings results on Thursday, March 19th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.10. On average, research analysts anticipate that Eledon Pharmaceuticals will post -0.81 EPS for the current year.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a report on Friday. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Eledon Pharmaceuticals has an average rating of “Hold” and a consensus target price of $9.67.

Hedge Funds Weigh In On Eledon Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets increased its holdings in Eledon Pharmaceuticals by 143.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 12,154 shares of the company’s stock valued at $31,000 after acquiring an additional 7,166 shares in the last quarter. Millennium Management LLC acquired a new position in Eledon Pharmaceuticals during the 4th quarter worth approximately $36,000. Police & Firemen s Retirement System of New Jersey purchased a new position in Eledon Pharmaceuticals in the 2nd quarter valued at about $37,000. Virtu Financial LLC purchased a new position in shares of Eledon Pharmaceuticals during the 4th quarter valued at approximately $39,000. Finally, Cetera Investment Advisers lifted its holdings in Eledon Pharmaceuticals by 72.9% during the 4th quarter. Cetera Investment Advisers now owns 26,584 shares of the company’s stock worth $40,000 after buying an additional 11,207 shares during the last quarter. 56.77% of the stock is currently 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.