Eledon Pharmaceuticals Target of Unusually Large Options Trading (NASDAQ:ELDN)

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) saw some unusual options trading activity on Wednesday. Traders bought 16,049 put options on the company. This is an increase of approximately 2,001% compared to the typical volume of 764 put options.

Eledon Pharmaceuticals Stock Performance

Shares of ELDN stock traded down $0.01 during mid-day trading on Wednesday, reaching $3.38. 561,649 shares of the company were exchanged, compared to its average volume of 1,258,177. The business’s 50 day simple moving average is $3.79 and its 200 day simple moving average is $3.15. The company has a market capitalization of $261.29 million, a P/E ratio of -4.40 and a beta of 0.95. Eledon Pharmaceuticals has a fifty-two week low of $1.35 and a fifty-two week high of $4.60.

Eledon Pharmaceuticals (NASDAQ:ELDN) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.11). On average, analysts forecast that Eledon Pharmaceuticals will post -0.74 EPS for the current year.

Hedge Funds Weigh In On Eledon Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. GK Wealth Management LLC acquired a new position in Eledon Pharmaceuticals during the 2nd quarter valued at about $45,000. Relyea Zuckerberg Hanson LLC bought a new position in Eledon Pharmaceuticals in the 1st quarter worth about $37,000. BNP Paribas Financial Markets increased its stake in shares of Eledon Pharmaceuticals by 143.7% in the third quarter. BNP Paribas Financial Markets now owns 12,154 shares of the company’s stock valued at $31,000 after purchasing an additional 7,166 shares during the period. Waverly Advisors LLC acquired a new stake in shares of Eledon Pharmaceuticals in the first quarter valued at approximately $39,000. Finally, Baker Ellis Asset Management LLC bought a new stake in shares of Eledon Pharmaceuticals during the first quarter valued at approximately $59,000. Institutional investors and hedge funds own 56.77% of the company’s stock.

Wall Street Analyst Weigh In

ELDN has been the topic of several research reports. Wall Street Zen lowered Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research note on Wednesday, June 24th. Finally, Rodman & Renshaw started coverage on shares of Eledon Pharmaceuticals in a research report on Tuesday, July 21st. They set a “buy” rating and a $12.00 target price for the company. Three equities research 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 MarketBeat.com, Eledon Pharmaceuticals currently has an average rating of “Hold” and a consensus target price of $9.67.

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.