Eledon Pharmaceuticals (NASDAQ:ELDN) Downgraded by Wall Street Zen to “Strong Sell”

Wall Street Zen downgraded shares of Eledon Pharmaceuticals (NASDAQ:ELDN) from a sell rating to a strong sell rating in a report released on Sunday morning.

Other equities analysts also recently issued reports about the company. Rodman & Renshaw initiated coverage on Eledon Pharmaceuticals in a research report on Tuesday, July 21st. They set a “buy” rating and a $12.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a report on Wednesday, June 24th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $9.67.

Eledon Pharmaceuticals Stock Performance

NASDAQ:ELDN opened at $3.45 on Friday. The firm has a market cap of $280.35 million, a PE ratio of -3.79 and a beta of 0.98. The stock has a fifty day moving average price of $3.73 and a 200 day moving average price of $3.34. Eledon Pharmaceuticals has a 12-month low of $1.35 and a 12-month high of $4.60.

Eledon Pharmaceuticals (NASDAQ:ELDN) last released its earnings results on Thursday, August 13th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.11). Equities analysts forecast that Eledon Pharmaceuticals will post -0.74 EPS for the current year.

Institutional Trading of Eledon Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of ELDN. Triumph Capital Management purchased a new stake in Eledon Pharmaceuticals during the 2nd quarter worth about $1,196,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Eledon Pharmaceuticals in the 2nd quarter valued at about $43,000. Navellier & Associates Inc. purchased a new position in shares of Eledon Pharmaceuticals in the 2nd quarter valued at about $142,000. Wellington Management Group LLP acquired a new stake in shares of Eledon Pharmaceuticals during the 2nd quarter worth about $201,000. Finally, Bank of America Corp DE acquired a new stake in shares of Eledon Pharmaceuticals during the 2nd quarter worth about $3,479,000. 56.77% of the stock is currently owned by institutional investors and hedge funds.

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.