Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Given Consensus Recommendation of “Hold” by Brokerages

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) has been assigned a consensus recommendation of “Hold” from the five brokerages that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $9.6667.

Several research firms have recently commented on ELDN. Wall Street Zen cut shares of Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a report on Wednesday, June 24th.

Eledon Pharmaceuticals Stock Performance

ELDN opened at $3.95 on Friday. Eledon Pharmaceuticals has a one year low of $1.35 and a one year high of $4.60. The business’s 50-day simple moving average is $3.73 and its 200-day simple moving average is $2.87. The stock has a market capitalization of $304.90 million, a P/E ratio of -5.13 and a beta of 0.95.

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

Hedge Funds Weigh In On Eledon Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the company. Relyea Zuckerberg Hanson LLC purchased a new position in shares of Eledon Pharmaceuticals during the 1st quarter worth $37,000. BNP Paribas Financial Markets boosted its position in Eledon Pharmaceuticals by 143.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 12,154 shares of the company’s stock worth $31,000 after purchasing an additional 7,166 shares during the period. Waverly Advisors LLC purchased a new stake in shares of Eledon Pharmaceuticals in the first quarter worth about $39,000. Baker Ellis Asset Management LLC acquired a new stake in Eledon Pharmaceuticals in the first quarter valued at approximately $59,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Eledon Pharmaceuticals during the 1st quarter valued at $63,000. Hedge funds and other institutional investors own 56.77% of the company’s stock.

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.