Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Short Interest Up 572.2% in October

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) was the target of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 960,600 shares, an increase of 572.2% from the October 15th total of 142,900 shares. Based on an average daily volume of 325,800 shares, the days-to-cover ratio is presently 2.9 days.

Institutional Investors Weigh In On Eledon Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. Clarity Capital Partners LLC purchased a new stake in shares of Eledon Pharmaceuticals in the 3rd quarter worth $29,000. Dimensional Fund Advisors LP purchased a new stake in shares of Eledon Pharmaceuticals in the 2nd quarter worth $80,000. Marco Investment Management LLC lifted its holdings in shares of Eledon Pharmaceuticals by 22.3% in the 2nd quarter. Marco Investment Management LLC now owns 30,344 shares of the company’s stock worth $80,000 after buying an additional 5,535 shares during the period. Renaissance Technologies LLC lifted 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 buying an additional 49,704 shares during the period. Finally, CM Management LLC lifted its holdings in shares of Eledon Pharmaceuticals by 14.3% in the 1st 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 period. 56.77% of the stock is currently owned by hedge funds and other institutional investors.

Eledon Pharmaceuticals Price Performance

Eledon Pharmaceuticals stock traded down $0.59 during trading hours on Wednesday, hitting $4.23. The company had a trading volume of 293,759 shares, compared to its average volume of 195,078. The company has a 50-day moving average price of $3.17 and a two-hundred day moving average price of $2.86. Eledon Pharmaceuticals has a 1 year low of $1.11 and a 1 year high of $5.54.

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). On average, research analysts forecast that Eledon Pharmaceuticals will post -1.52 earnings per share for the current year.

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).