Guggenheim Cuts Eledon Pharmaceuticals (NASDAQ:ELDN) Price Target to $8.00

Eledon Pharmaceuticals (NASDAQ:ELDN) had its price objective cut by Guggenheim from $9.00 to $8.00 in a research note released on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

ELDN has been the topic of a number of other reports. Weiss Ratings reissued a “sell (d)” rating on shares of Eledon Pharmaceuticals in a research note on Wednesday, October 8th. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price target on shares of Eledon Pharmaceuticals in a report on Tuesday, September 2nd. Craig Hallum started coverage on shares of Eledon Pharmaceuticals in a research note on Friday, July 25th. They set a “buy” rating and a $12.00 price objective for the company. Finally, Zacks Research downgraded Eledon Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 18th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $9.67.

Eledon Pharmaceuticals Price Performance

NASDAQ ELDN opened at $1.39 on Tuesday. The business has a 50 day moving average price of $2.84 and a 200 day moving average price of $2.93. The company has a market capitalization of $83.30 million, a P/E ratio of -1.31 and a beta of 0.63. Eledon Pharmaceuticals has a 1-year low of $1.39 and a 1-year high of $5.08.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its earnings results on Friday, November 14th. The company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.01. On average, research analysts expect that Eledon Pharmaceuticals will post -0.81 earnings per share for the current fiscal year.

Institutional Trading of Eledon Pharmaceuticals

A number of hedge funds have recently bought and sold shares of ELDN. Zimmer Partners LP raised its holdings in Eledon Pharmaceuticals by 86.1% in the 3rd quarter. Zimmer Partners LP now owns 1,825,000 shares of the company’s stock valued at $4,727,000 after acquiring an additional 844,318 shares during the last quarter. Velan Capital Investment Management LP boosted its holdings in shares of Eledon Pharmaceuticals by 2.4% during the third quarter. Velan Capital Investment Management LP now owns 346,973 shares of the company’s stock worth $899,000 after purchasing an additional 8,000 shares during the last quarter. Bank of America Corp DE grew its position in shares of Eledon Pharmaceuticals by 78.3% in the third quarter. Bank of America Corp DE now owns 45,229 shares of the company’s stock valued at $117,000 after purchasing an additional 19,862 shares during the period. Squarepoint Ops LLC grew its position in shares of Eledon Pharmaceuticals by 116.8% in the third quarter. Squarepoint Ops LLC now owns 36,297 shares of the company’s stock valued at $94,000 after purchasing an additional 19,553 shares during the period. Finally, BNP Paribas Financial Markets increased 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 purchasing an additional 7,166 shares during 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).