Eledon Pharmaceuticals (NASDAQ:ELDN) Now Covered by Guggenheim

Equities researchers at Guggenheim began coverage on shares of Eledon Pharmaceuticals (NASDAQ:ELDN) in a research note issued to investors on Tuesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $9.00 price target on the stock. Guggenheim’s price objective would suggest a potential upside of 89.87% from the stock’s current price.

Separately, HC Wainwright reiterated a “buy” rating and set a $16.00 target price on shares of Eledon Pharmaceuticals in a research report on Wednesday, November 20th.

Eledon Pharmaceuticals Trading Down 0.2 %

Shares of NASDAQ:ELDN opened at $4.74 on Tuesday. The company has a 50 day moving average of $4.33 and a 200 day moving average of $3.52. The stock has a market cap of $283.17 million, a P/E ratio of -2.36 and a beta of 0.79. Eledon Pharmaceuticals has a 12 month low of $1.52 and a 12 month high of $5.54.

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

Institutional Investors Weigh In On Eledon Pharmaceuticals

Several hedge funds have recently bought and sold shares of the stock. Inspire Investing LLC bought a new stake in Eledon Pharmaceuticals during the fourth quarter valued at approximately $802,000. Kera Capital Partners Inc. bought a new stake in Eledon Pharmaceuticals during the fourth quarter valued at approximately $106,000. Geode Capital Management LLC lifted its position in 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 purchasing an additional 33,569 shares during the last quarter. Clarity Capital Partners LLC bought a new stake in shares of Eledon Pharmaceuticals in the 3rd quarter worth approximately $29,000. Finally, Nantahala Capital Management LLC purchased a new stake in shares of Eledon Pharmaceuticals in the 2nd quarter valued at $1,584,000. 56.77% of the stock is currently owned by 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).