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

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) has been assigned an average recommendation of “Hold” from the five research firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating on the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $9.6667.

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

Eledon Pharmaceuticals Stock Down 1.4%

Eledon Pharmaceuticals stock opened at $3.44 on Thursday. Eledon Pharmaceuticals has a 52-week low of $1.35 and a 52-week high of $4.60. The company has a market cap of $265.53 million, a P/E ratio of -4.47 and a beta of 0.98. The business has a 50-day simple moving average of $3.73 and a two-hundred day simple moving average of $3.22.

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

Hedge Funds Weigh In On Eledon Pharmaceuticals

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

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.