Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Sees Significant Growth in Short Interest

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) was the recipient of a significant increase in short interest during the month of June. As of June 30th, there was short interest totalling 170,600 shares, an increase of 225.6% from the June 15th total of 52,400 shares. Based on an average daily trading volume, of 203,700 shares, the short-interest ratio is currently 0.8 days.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and set a $16.00 price objective on shares of Eledon Pharmaceuticals in a report on Tuesday, June 4th.

Eledon Pharmaceuticals Price Performance

Shares of ELDN stock traded up $0.04 on Thursday, hitting $2.47. The stock had a trading volume of 39,941 shares, compared to its average volume of 140,712. The business has a 50 day moving average of $2.64 and a 200 day moving average of $2.10. The stock has a market cap of $61.28 million, a price-to-earnings ratio of -1.76 and a beta of 0.91. Eledon Pharmaceuticals has a 12-month low of $1.07 and a 12-month high of $3.35.

Eledon Pharmaceuticals (NASDAQ:ELDN) last announced its earnings results on Thursday, May 9th. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.03. As a group, research analysts expect that Eledon Pharmaceuticals will post -1.21 earnings per share for the current fiscal year.

Institutional Trading of Eledon Pharmaceuticals

Large investors have recently added to or reduced their stakes in the stock. Armistice Capital LLC increased its holdings in Eledon Pharmaceuticals by 20.0% during the fourth quarter. Armistice Capital LLC now owns 2,189,000 shares of the company’s stock worth $3,940,000 after buying an additional 365,000 shares during the last quarter. Vanguard Group Inc. increased its holdings in Eledon Pharmaceuticals by 39.4% during the first quarter. Vanguard Group Inc. now owns 969,121 shares of the company’s stock worth $1,996,000 after buying an additional 273,703 shares during the last quarter. Finally, CM Management LLC increased its holdings in Eledon Pharmaceuticals by 14.3% during the first quarter. CM Management LLC now owns 160,000 shares of the company’s stock worth $330,000 after buying an additional 20,000 shares during 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).