Eledon Pharmaceuticals (NASDAQ:ELDN) Shares Down 1.7%

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) shares were down 1.7% during trading on Thursday . The stock traded as low as $2.82 and last traded at $2.89. Approximately 65,264 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 140,645 shares. The stock had previously closed at $2.94.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reissued a “buy” rating and issued a $16.00 price target on shares of Eledon Pharmaceuticals in a research report on Tuesday, June 4th.

Eledon Pharmaceuticals Stock Performance

The company has a 50 day moving average of $2.71 and a two-hundred day moving average of $2.22. The stock has a market capitalization of $68.48 million, a PE ratio of -2.00 and a beta of 0.91.

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

Institutional Trading of Eledon Pharmaceuticals

Several large investors have recently added to or reduced their stakes in ELDN. CM Management LLC grew its stake in Eledon Pharmaceuticals by 14.3% during the 1st quarter. CM Management LLC now owns 160,000 shares of the company’s stock valued at $330,000 after purchasing an additional 20,000 shares during the last quarter. Vanguard Group Inc. boosted its stake 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 worth $1,996,000 after buying an additional 273,703 shares during the last quarter. Finally, Armistice Capital LLC boosted its stake in shares of Eledon Pharmaceuticals by 20.0% in 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. Hedge funds and other institutional investors 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).