Eledon Pharmaceuticals (NASDAQ:ELDN) Coverage Initiated by Analysts at Guggenheim

Investment analysts at Guggenheim began coverage on shares of Eledon Pharmaceuticals (NASDAQ:ELDN) in a report issued on Tuesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $9.00 price target on the stock. Guggenheim’s price objective would indicate a potential upside of 93.13% from the company’s current price.

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

Eledon Pharmaceuticals Price Performance

Shares of NASDAQ ELDN opened at $4.66 on Tuesday. Eledon Pharmaceuticals has a 1 year low of $1.52 and a 1 year high of $5.54. The stock has a market cap of $278.39 million, a P/E ratio of -2.32 and a beta of 0.79. The firm has a 50-day moving average of $4.30 and a 200 day moving average of $3.49.

Eledon Pharmaceuticals (NASDAQ:ELDN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). Research analysts expect that Eledon Pharmaceuticals will post -0.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eledon Pharmaceuticals

Several hedge funds have recently modified their holdings of the stock. Clarity Capital Partners LLC purchased a new position in shares of Eledon Pharmaceuticals in the third quarter valued at $29,000. Kera Capital Partners Inc. bought a new stake in Eledon Pharmaceuticals during the fourth quarter worth approximately $106,000. Dimensional Fund Advisors LP purchased a new stake in Eledon Pharmaceuticals during the second quarter valued at approximately $80,000. Geode Capital Management LLC lifted its stake in shares of Eledon Pharmaceuticals by 9.7% in the 3rd 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. Finally, Renaissance Technologies LLC boosted its holdings in shares of Eledon Pharmaceuticals by 57.1% in the 2nd quarter. Renaissance Technologies LLC now owns 136,773 shares of the company’s stock worth $361,000 after purchasing an additional 49,704 shares during the period. 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).