Eledon Pharmaceuticals (NASDAQ:ELDN) Earns “Buy” Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Eledon Pharmaceuticals (NASDAQ:ELDN) in a research report report published on Wednesday morning,Benzinga reports. HC Wainwright currently has a $16.00 target price on the stock. HC Wainwright also issued estimates for Eledon Pharmaceuticals’ Q4 2024 earnings at ($0.32) EPS and FY2025 earnings at ($0.91) EPS.

Eledon Pharmaceuticals Stock Performance

NASDAQ:ELDN opened at $4.01 on Wednesday. The business’s fifty day moving average is $3.40 and its 200 day moving average is $2.95. The firm has a market cap of $239.55 million, a price-to-earnings ratio of -2.00 and a beta of 0.76. Eledon Pharmaceuticals has a 52-week low of $1.11 and a 52-week high of $5.54.

Eledon Pharmaceuticals (NASDAQ:ELDN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). Equities analysts predict that Eledon Pharmaceuticals will post -0.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Eledon Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Clarity Capital Partners LLC bought a new position in shares of Eledon Pharmaceuticals during the 3rd quarter valued at about $29,000. Dimensional Fund Advisors LP bought a new position in shares of Eledon Pharmaceuticals during the second quarter valued at approximately $80,000. Marco Investment Management LLC lifted its stake in Eledon Pharmaceuticals by 22.3% in the second quarter. Marco Investment Management LLC now owns 30,344 shares of the company’s stock worth $80,000 after acquiring an additional 5,535 shares during the period. Renaissance Technologies LLC boosted its holdings in Eledon Pharmaceuticals by 57.1% in the second quarter. Renaissance Technologies LLC now owns 136,773 shares of the company’s stock valued at $361,000 after acquiring an additional 49,704 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Eledon Pharmaceuticals by 9.7% during the 3rd quarter. Geode Capital Management LLC now owns 378,058 shares of the company’s stock valued at $942,000 after purchasing an additional 33,569 shares during the period. 56.77% of the stock is 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).