Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Short Interest Up 193.7% in March

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDNGet Free Report) was the target of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 106,900 shares, a growth of 193.7% from the March 15th total of 36,400 shares. Based on an average trading volume of 78,000 shares, the short-interest ratio is currently 1.4 days.

Eledon Pharmaceuticals Price Performance

ELDN stock traded down $0.02 during midday trading on Friday, reaching $1.64. The company had a trading volume of 32,234 shares, compared to its average volume of 77,286. Eledon Pharmaceuticals has a 1 year low of $1.07 and a 1 year high of $2.95. The company has a market capitalization of $40.69 million, a P/E ratio of -0.92 and a beta of 0.87. The firm has a 50-day moving average price of $1.78 and a 200-day moving average price of $1.59.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reissued a “buy” rating and issued a $13.00 price target on shares of Eledon Pharmaceuticals in a research note on Friday, March 22nd.

Check Out Our Latest Research Report on Eledon Pharmaceuticals

Institutional Investors Weigh In On Eledon Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the business. Armistice Capital LLC boosted its stake in shares of Eledon Pharmaceuticals by 20.0% in the 4th quarter. Armistice Capital LLC now owns 2,189,000 shares of the company’s stock valued at $3,940,000 after purchasing an additional 365,000 shares in the last quarter. Vanguard Group Inc. raised its holdings in Eledon Pharmaceuticals by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 695,418 shares of the company’s stock worth $1,252,000 after purchasing an additional 20,898 shares in the last quarter. Royal Bank of Canada bought a new position in Eledon Pharmaceuticals in the 2nd quarter worth $374,000. Geode Capital Management LLC raised its holdings in Eledon Pharmaceuticals by 31.4% in the 2nd quarter. Geode Capital Management LLC now owns 169,650 shares of the company’s stock worth $232,000 after purchasing an additional 40,499 shares in the last quarter. Finally, Ensign Peak Advisors Inc raised its holdings in Eledon Pharmaceuticals by 13.2% in the 3rd quarter. Ensign Peak Advisors Inc now owns 87,286 shares of the company’s stock worth $241,000 after purchasing an additional 10,186 shares in the last quarter. Hedge funds and other institutional investors own 56.77% of the company’s stock.

About Eledon Pharmaceuticals

(Get Free Report)

Eledon Pharmaceuticals, Inc operates as a clinical stage biotechnology company. The company uses its immunology expertise in targeting the CD40 Ligand (CD40L, also called CD154) pathway to develop therapies to protect transplanted organs and prevent rejection, and to treat amyotrophic lateral sclerosis (ALS).

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