Eledon Pharmaceuticals (NASDAQ:ELDN) Earns Buy Rating from Analysts at Guggenheim

Guggenheim initiated coverage on shares of Eledon Pharmaceuticals (NASDAQ:ELDN) in a research note issued to investors on Tuesday, MarketBeat reports. The firm issued a buy rating and a $9.00 price objective on the stock.

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Eledon Pharmaceuticals in a research note on Wednesday, November 20th.

Eledon Pharmaceuticals Stock Performance

Shares of NASDAQ ELDN opened at $4.78 on Tuesday. The firm has a 50 day moving average price of $4.35 and a two-hundred day moving average price of $3.52. The stock has a market cap of $285.56 million, a P/E ratio of -2.38 and a beta of 0.79. Eledon Pharmaceuticals has a 52-week low of $1.52 and a 52-week high of $5.54.

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

Hedge Funds Weigh In On Eledon Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP bought a new position in shares of Eledon Pharmaceuticals in the 2nd quarter worth about $80,000. Renaissance Technologies LLC increased 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 worth $361,000 after purchasing an additional 49,704 shares in the last quarter. Nantahala Capital Management LLC acquired a new position in Eledon Pharmaceuticals in the second quarter valued at approximately $1,584,000. Clarity Capital Partners LLC acquired a new position in Eledon Pharmaceuticals in the third quarter valued at approximately $29,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Eledon Pharmaceuticals by 9.7% during the 3rd quarter. Geode Capital Management LLC now owns 378,058 shares of the company’s stock worth $942,000 after buying an additional 33,569 shares in the last quarter. Institutional investors and hedge funds own 56.77% of the company’s stock.

Eledon Pharmaceuticals Company Profile

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).