Eledon Pharmaceuticals (NASDAQ:ELDN) Posts Earnings Results, Beats Estimates By $0.02 EPS

Eledon Pharmaceuticals (NASDAQ:ELDN) issued its quarterly earnings results on Thursday. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.02, FiscalAI reports.

Eledon Pharmaceuticals Trading Down 11.2%

Shares of ELDN traded down $0.30 during midday trading on Thursday, reaching $2.37. 809,841 shares of the stock were exchanged, compared to its average volume of 897,130. Eledon Pharmaceuticals has a 52 week low of $1.35 and a 52 week high of $4.49. The company’s 50 day moving average is $2.58 and its two-hundred day moving average is $3.11. The company has a market capitalization of $192.59 million, a P/E ratio of -2.60 and a beta of 0.95.

Wall Street Analyst Weigh In

ELDN has been the topic of several recent analyst reports. Weiss Ratings upgraded Eledon Pharmaceuticals from a “sell (d-)” rating to a “sell (d)” rating in a report on Monday. Wall Street Zen lowered Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 23rd. Finally, Rodman & Renshaw began coverage on shares of Eledon Pharmaceuticals in a research note on Tuesday, July 21st. They set a “buy” rating and a $12.00 target price for the company. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $10.00.

About Eledon Pharmaceuticals

Eledon Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing therapies for serious diseases involving the immune system. The company’s research focuses on modulating immune responses to help address conditions such as organ transplant rejection and amyotrophic lateral sclerosis (ALS). Its lead investigational product, tegoprubart, is an antibody that targets CD40 ligand, a protein involved in immune-system activation. Eledon is studying tegoprubart as a potential treatment to reduce rejection following organ transplantation and in research involving ALS.