Eledon Pharmaceuticals (NASDAQ:ELDN) Stock Rating Upgraded by Wall Street Zen

Eledon Pharmaceuticals (NASDAQ:ELDN) was upgraded by investment analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a report issued on Saturday.

ELDN has been the topic of several other reports. Rodman & Renshaw began coverage on Eledon Pharmaceuticals in a research note on Tuesday, July 21st. They issued a “buy” rating and a $12.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research note on Wednesday, June 24th. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $9.67.

Eledon Pharmaceuticals Stock Performance

NASDAQ:ELDN opened at $3.54 on Friday. The stock has a market capitalization of $273.25 million, a PE ratio of -3.89 and a beta of 0.98. The firm’s 50 day moving average is $3.73 and its 200 day moving average is $3.29. Eledon Pharmaceuticals has a 12 month low of $1.35 and a 12 month high of $4.60.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.11). Research analysts predict that Eledon Pharmaceuticals will post -0.74 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. AWM Investment Company Inc. bought a new stake in Eledon Pharmaceuticals during the 2nd quarter valued at $4,334,000. ADAR1 Capital Management LLC purchased a new stake in shares of Eledon Pharmaceuticals during the second quarter worth $2,552,000. Legal & General Group Plc purchased a new stake in shares of Eledon Pharmaceuticals during the second quarter worth $28,000. The Manufacturers Life Insurance Company bought a new position in shares of Eledon Pharmaceuticals in the second quarter worth $85,000. Finally, Ieq Capital LLC bought a new position in shares of Eledon Pharmaceuticals in the second quarter worth $190,000. 56.77% of the stock is currently owned by hedge funds and other institutional investors.

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.