Eledon Pharmaceuticals (NASDAQ:ELDN) Stock Price Down 1.5% – Should You Sell?

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN)’s stock price dropped 1.5% on Thursday. The stock traded as low as $2.60 and last traded at $2.68. 1,029,520 shares traded hands during trading, an increase of 10% from the average session volume of 937,334 shares. The stock had previously closed at $2.72.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Wall Street Zen lowered shares of Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Sunday, August 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research report on Monday. Finally, Rodman & Renshaw began coverage on Eledon Pharmaceuticals in a report on Tuesday, July 21st. They issued a “buy” rating and a $12.00 price target on the stock. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Eledon Pharmaceuticals has an average rating of “Hold” and a consensus price target of $10.00.

Eledon Pharmaceuticals Trading Down 1.1%

The company’s 50-day moving average is $3.25 and its 200 day moving average is $3.44. The stock has a market capitalization of $215.34 million, a PE ratio of -2.91 and a beta of 0.93.

Eledon Pharmaceuticals (NASDAQ:ELDN) last released its 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). Sell-side analysts forecast that Eledon Pharmaceuticals, Inc. will post -0.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Eledon Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ELDN. BlackRock Inc. purchased a new stake in Eledon Pharmaceuticals during the 2nd quarter valued at about $20,188,000. Defilade Capital Management L.P. lifted its holdings in shares of Eledon Pharmaceuticals by 8.3% during the first quarter. Defilade Capital Management L.P. now owns 3,564,127 shares of the company’s stock worth $10,978,000 after purchasing an additional 273,677 shares during the period. Catalio Capital Management LP boosted its position in Eledon Pharmaceuticals by 18.7% in the fourth quarter. Catalio Capital Management LP now owns 1,259,820 shares of the company’s stock valued at $1,902,000 after buying an additional 198,688 shares during the last quarter. AWM Investment Company Inc. acquired a new position in Eledon Pharmaceuticals in the 2nd quarter worth approximately $4,334,000. Finally, Bank of America Corp DE acquired a new position in Eledon Pharmaceuticals in the 2nd quarter worth approximately $3,479,000. Hedge funds and other institutional investors own 56.77% of the company’s stock.

About Eledon Pharmaceuticals

Eledon Pharmaceuticals, Inc is a clinical-stage biotechnology company focused on developing therapies that modulate the immune system to address organ and cell transplantation, autoimmune disease, and other immune-mediated conditions. The company’s approach is designed to promote immune tolerance while reducing the need for conventional immunosuppressive treatments.

Eledon’s lead product candidate is tegoprubart, an investigational monoclonal antibody that targets the CD40 ligand (CD40L) pathway.