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

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) has received an average recommendation of “Hold” from the five brokerages that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $9.6667.

Several analysts have recently issued reports on ELDN shares. Guggenheim reduced their price objective on Eledon Pharmaceuticals from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Tuesday, November 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research report on Monday, December 29th.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Ground Swell Capital LLC purchased a new stake in shares of Eledon Pharmaceuticals in the 2nd quarter valued at approximately $31,000. ProShare Advisors LLC purchased a new position in Eledon Pharmaceuticals in the second quarter valued at $33,000. BNP Paribas Financial Markets raised its stake in Eledon Pharmaceuticals by 143.7% in the third quarter. BNP Paribas Financial Markets now owns 12,154 shares of the company’s stock valued at $31,000 after buying an additional 7,166 shares in the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new stake in Eledon Pharmaceuticals in the second quarter valued at $37,000. Finally, Bank of America Corp DE lifted its stake in Eledon Pharmaceuticals by 261.8% during the second quarter. Bank of America Corp DE now owns 25,367 shares of the company’s stock worth $69,000 after purchasing an additional 18,355 shares during the last quarter. Hedge funds and other institutional investors own 56.77% of the company’s stock.

Eledon Pharmaceuticals Stock Performance

NASDAQ ELDN opened at $2.12 on Friday. The firm has a market cap of $127.05 million, a price-to-earnings ratio of -2.00 and a beta of 0.89. The firm has a 50 day simple moving average of $1.67 and a 200-day simple moving average of $2.56. Eledon Pharmaceuticals has a one year low of $1.35 and a one year high of $4.97.

Eledon Pharmaceuticals (NASDAQ:ELDN) last announced its earnings results on Friday, November 14th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.01. Equities analysts predict that Eledon Pharmaceuticals will post -0.81 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.