Eledon Pharmaceuticals (NASDAQ:ELDN) Downgraded by Wall Street Zen to Strong Sell

Wall Street Zen downgraded shares of Eledon Pharmaceuticals (NASDAQ:ELDN) from a sell rating to a strong sell rating in a report published on Saturday morning.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a report on Friday, March 27th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $9.67.

Eledon Pharmaceuticals Trading Down 3.8%

Shares of Eledon Pharmaceuticals stock opened at $3.80 on Friday. The business has a 50-day moving average price of $3.28 and a two-hundred day moving average price of $2.52. Eledon Pharmaceuticals has a 1-year low of $1.35 and a 1-year high of $4.60. The company has a market cap of $293.32 million, a P/E ratio of -4.94 and a beta of 0.94.

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). Equities research analysts forecast that Eledon Pharmaceuticals will post -1.11 EPS for the current fiscal year.

Institutional Trading of Eledon Pharmaceuticals

Several large investors have recently made changes to their positions in the company. BNP Paribas Financial Markets grew its stake in shares of Eledon Pharmaceuticals by 143.7% in the 3rd 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 during the period. Barclays PLC grew its stake in shares of Eledon Pharmaceuticals by 9.7% in the 4th quarter. Barclays PLC now owns 87,472 shares of the company’s stock valued at $132,000 after buying an additional 7,719 shares during the period. Velan Capital Investment Management LP grew its stake in shares of Eledon Pharmaceuticals by 2.4% in the 3rd quarter. Velan Capital Investment Management LP now owns 346,973 shares of the company’s stock valued at $899,000 after buying an additional 8,000 shares during the period. SG Americas Securities LLC grew its stake in shares of Eledon Pharmaceuticals by 1.3% in the 1st quarter. SG Americas Securities LLC now owns 635,845 shares of the company’s stock valued at $1,958,000 after buying an additional 8,453 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Eledon Pharmaceuticals by 6.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 173,131 shares of the company’s stock valued at $261,000 after buying an additional 10,289 shares during the period. 56.77% of the stock is currently owned by institutional investors and hedge funds.

About Eledon Pharmaceuticals

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.