Eledon Pharmaceuticals (NASDAQ:ELDN) Posts Earnings Results, Beats Estimates By $0.02 EPS

Eledon Pharmaceuticals (NASDAQ:ELDN) announced its quarterly earnings results on Thursday. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.02, FiscalAI reports.

Eledon Pharmaceuticals Price Performance

NASDAQ:ELDN traded down $0.30 during trading hours on Thursday, reaching $2.37. 809,841 shares of the company traded hands, compared to its average volume of 1,138,031. The firm’s 50-day moving average is $2.59 and its 200-day moving average is $3.11. The stock has a market cap of $192.59 million, a P/E ratio of -2.60 and a beta of 0.95. Eledon Pharmaceuticals has a 1-year low of $1.35 and a 1-year high of $4.49.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Wall Street Zen downgraded shares of Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Sunday, August 23rd. Weiss Ratings upgraded shares of Eledon Pharmaceuticals from a “sell (d-)” rating to a “sell (d)” rating in a research report on Monday. Finally, Rodman & Renshaw assumed coverage on shares of Eledon Pharmaceuticals in a report on Tuesday, July 21st. They issued a “buy” rating and a $12.00 price target on the stock. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $10.00.

About Eledon Pharmaceuticals

Eledon Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing therapies for serious diseases involving the immune system. The company’s research focuses on modulating immune responses to help address conditions such as organ transplant rejection and amyotrophic lateral sclerosis (ALS). Its lead investigational product, tegoprubart, is an antibody that targets CD40 ligand, a protein involved in immune-system activation. Eledon is studying tegoprubart as a potential treatment to reduce rejection following organ transplantation and in research involving ALS.