Analysts Set Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Target Price at $9.67

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) has earned a consensus rating of “Hold” from the five analysts that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $9.6667.

Several research analysts recently commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a report on Wednesday, June 24th. Wall Street Zen downgraded Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Finally, Rodman & Renshaw started coverage on shares of Eledon Pharmaceuticals in a research report on Tuesday, July 21st. They issued a “buy” rating and a $12.00 price objective on the stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. boosted its position in Eledon Pharmaceuticals by 78.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 258,106 shares of the company’s stock valued at $875,000 after buying an additional 113,261 shares during the period. Jane Street Group LLC lifted its holdings in Eledon Pharmaceuticals by 83.7% in the 1st quarter. Jane Street Group LLC now owns 224,600 shares of the company’s stock worth $761,000 after buying an additional 102,325 shares during the period. Geode Capital Management LLC lifted its holdings in Eledon Pharmaceuticals by 107.6% in the 2nd quarter. Geode Capital Management LLC now owns 1,383,940 shares of the company’s stock worth $3,751,000 after buying an additional 717,223 shares during the period. JPMorgan Chase & Co. bought a new stake in shares of Eledon Pharmaceuticals in the 2nd quarter worth approximately $75,000. Finally, American Century Companies Inc. bought a new stake in shares of Eledon Pharmaceuticals in the 2nd quarter worth approximately $96,000. 56.77% of the stock is owned by hedge funds and other institutional investors.

Eledon Pharmaceuticals Stock Up 1.5%

NASDAQ:ELDN opened at $3.43 on Thursday. The firm has a market cap of $264.76 million, a PE ratio of -4.45 and a beta of 0.98. Eledon Pharmaceuticals has a 12 month low of $1.35 and a 12 month high of $4.60. The company’s 50-day moving average price is $3.75 and its two-hundred day moving average price is $3.20.

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

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.