Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Sees Large Drop in Short Interest

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) was the target of a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 108,100 shares, a drop of 16.1% from the July 15th total of 128,800 shares. Based on an average daily volume of 158,400 shares, the short-interest ratio is presently 0.7 days.

Wall Street Analysts Forecast Growth

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

Eledon Pharmaceuticals Trading Down 0.4 %

NASDAQ ELDN traded down $0.01 during trading hours on Friday, hitting $2.73. 19,684 shares of the company’s stock were exchanged, compared to its average volume of 109,855. The firm has a market cap of $67.74 million, a price-to-earnings ratio of -1.98 and a beta of 0.91. The stock has a 50-day simple moving average of $2.70 and a 200 day simple moving average of $2.29. Eledon Pharmaceuticals has a 1-year low of $1.07 and a 1-year high of $3.35.

Institutional Investors Weigh In On Eledon Pharmaceuticals

A number of large investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP bought a new stake in Eledon Pharmaceuticals in the 2nd quarter valued at about $80,000. Marco Investment Management LLC grew its stake in Eledon Pharmaceuticals by 22.3% in the second quarter. Marco Investment Management LLC now owns 30,344 shares of the company’s stock valued at $80,000 after acquiring an additional 5,535 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Eledon Pharmaceuticals by 57.1% during the second quarter. Renaissance Technologies LLC now owns 136,773 shares of the company’s stock valued at $361,000 after acquiring an additional 49,704 shares in the last quarter. CM Management LLC raised its position in shares of 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 purchasing an additional 20,000 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of 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 purchasing an additional 273,703 shares during the period. 56.77% of the stock is currently owned by institutional investors and hedge funds.

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).