HC Wainwright Reiterates Buy Rating for Eledon Pharmaceuticals (NASDAQ:ELDN)

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

Eledon Pharmaceuticals Trading Up 5.7 %

NASDAQ:ELDN opened at $4.07 on Wednesday. Eledon Pharmaceuticals has a twelve month low of $1.11 and a twelve month high of $5.54. The company has a market capitalization of $161.42 million, a P/E ratio of -2.02 and a beta of 0.76. The firm has a 50-day moving average price of $3.37 and a two-hundred day moving average price of $2.93.

Eledon Pharmaceuticals (NASDAQ:ELDN) last issued 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). On average, equities research analysts predict that Eledon Pharmaceuticals will post -0.72 earnings per share for the current year.

Institutional Trading of Eledon Pharmaceuticals

A number of large investors have recently made changes to their positions in the stock. Armistice Capital LLC raised its stake in Eledon Pharmaceuticals by 1.7% in the 2nd quarter. Armistice Capital LLC now owns 2,336,000 shares of the company’s stock valued at $6,167,000 after purchasing an additional 39,000 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Eledon Pharmaceuticals by 39.4% in the first quarter. Vanguard Group Inc. now owns 969,121 shares of the company’s stock valued at $1,996,000 after buying an additional 273,703 shares during the last quarter. Nantahala Capital Management LLC acquired a new position in shares of Eledon Pharmaceuticals in the second quarter valued at approximately $1,584,000. Geode Capital Management LLC lifted its stake in shares of Eledon Pharmaceuticals by 9.7% during the third quarter. Geode Capital Management LLC now owns 378,058 shares of the company’s stock valued at $942,000 after buying an additional 33,569 shares during the period. Finally, Renaissance Technologies LLC boosted its position in Eledon Pharmaceuticals by 57.1% during the second quarter. Renaissance Technologies LLC now owns 136,773 shares of the company’s stock worth $361,000 after acquiring an additional 49,704 shares during the last quarter. Institutional investors and hedge funds 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).