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

Eledon Pharmaceuticals (NASDAQ:ELDN)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $16.00 price target on the stock. HC Wainwright’s price objective points to a potential upside of 293.12% from the company’s current price.

Eledon Pharmaceuticals Stock Performance

ELDN opened at $4.07 on Wednesday. The company has a market cap of $161.42 million, a PE ratio of -2.02 and a beta of 0.76. Eledon Pharmaceuticals has a 1 year low of $1.11 and a 1 year high of $5.54. The firm has a 50 day moving average price of $3.37 and a 200 day moving average price of $2.93.

Eledon Pharmaceuticals (NASDAQ:ELDN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). On average, sell-side analysts predict that Eledon Pharmaceuticals will post -0.72 earnings per share for the current year.

Institutional Investors Weigh In On Eledon Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of ELDN. Clarity Capital Partners LLC purchased a new stake in shares of Eledon Pharmaceuticals during the 3rd quarter valued at about $29,000. Marco Investment Management LLC raised its stake in shares of Eledon Pharmaceuticals by 22.3% during the second quarter. Marco Investment Management LLC now owns 30,344 shares of the company’s stock valued at $80,000 after purchasing an additional 5,535 shares during the period. Dimensional Fund Advisors LP acquired a new position in shares of Eledon Pharmaceuticals during the second quarter worth $80,000. Renaissance Technologies LLC boosted its stake in shares of 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 purchasing an additional 49,704 shares during the period. Finally, Geode Capital Management LLC grew its holdings 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 in the last quarter. Hedge funds and other institutional investors own 56.77% of the company’s stock.

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).