Eledon Pharmaceuticals (NASDAQ:ELDN) Shares Down 1.7%

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) dropped 1.7% during trading on Thursday . The company traded as low as $2.82 and last traded at $2.89. Approximately 65,264 shares changed hands during trading, a decline of 54% from the average daily volume of 140,645 shares. The stock had previously closed at $2.94.

Wall Street Analyst Weigh In

Separately, HC Wainwright reiterated a “buy” rating and set a $16.00 price objective on shares of Eledon Pharmaceuticals in a research note on Tuesday, June 4th.

Eledon Pharmaceuticals Stock Down 4.5 %

The stock has a market cap of $68.48 million, a price-to-earnings ratio of -2.00 and a beta of 0.91. The company’s 50-day simple moving average is $2.71 and its 200-day simple moving average is $2.22.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.03. As a group, analysts expect that Eledon Pharmaceuticals, Inc. will post -1.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. CM Management LLC grew its position in Eledon Pharmaceuticals by 14.3% during the 1st quarter. CM Management LLC now owns 160,000 shares of the company’s stock worth $330,000 after purchasing an additional 20,000 shares in the last quarter. Vanguard Group Inc. grew its position in Eledon Pharmaceuticals by 39.4% during the 1st quarter. Vanguard Group Inc. now owns 969,121 shares of the company’s stock worth $1,996,000 after purchasing an additional 273,703 shares in the last quarter. Finally, Armistice Capital LLC grew its position in Eledon Pharmaceuticals by 20.0% during the 4th quarter. Armistice Capital LLC now owns 2,189,000 shares of the company’s stock worth $3,940,000 after purchasing an additional 365,000 shares in the last quarter. Institutional investors and hedge funds own 56.77% of the company’s stock.

About Eledon Pharmaceuticals

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).