Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Sees Significant Increase in Short Interest

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) was the target of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 52,400 shares, an increase of 7.4% from the May 31st total of 48,800 shares. Based on an average daily trading volume, of 210,300 shares, the short-interest ratio is currently 0.2 days.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reiterated a “buy” rating and issued a $16.00 price objective on shares of Eledon Pharmaceuticals in a report on Tuesday, June 4th.

Eledon Pharmaceuticals Price Performance

NASDAQ ELDN opened at $2.46 on Thursday. The firm has a 50 day simple moving average of $2.62 and a 200-day simple moving average of $2.07. Eledon Pharmaceuticals has a one year low of $1.07 and a one year high of $3.35.

Eledon Pharmaceuticals (NASDAQ:ELDN) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.03. Equities research analysts expect that Eledon Pharmaceuticals will post -1.21 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ELDN. Armistice Capital LLC raised its position in Eledon Pharmaceuticals by 20.0% in the 4th quarter. Armistice Capital LLC now owns 2,189,000 shares of the company’s stock valued at $3,940,000 after purchasing an additional 365,000 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Eledon Pharmaceuticals by 39.4% during the first quarter. Vanguard Group Inc. now owns 969,121 shares of the company’s stock worth $1,996,000 after buying an additional 273,703 shares during the period. Finally, CM Management LLC raised its holdings in Eledon Pharmaceuticals by 14.3% in the first quarter. CM Management LLC now owns 160,000 shares of the company’s stock valued at $330,000 after acquiring an additional 20,000 shares in the last quarter. 56.77% of the stock is currently owned by hedge funds and other institutional investors.

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).