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

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) was the recipient of a significant decline in short interest during the month of November. As of November 30th, there was short interest totalling 686,700 shares, a decline of 6.1% from the November 15th total of 731,500 shares. Based on an average daily trading volume, of 432,200 shares, the days-to-cover ratio is presently 1.6 days.

Eledon Pharmaceuticals Stock Performance

Eledon Pharmaceuticals stock opened at $4.50 on Wednesday. Eledon Pharmaceuticals has a 1 year low of $1.43 and a 1 year high of $5.54. The firm has a market cap of $268.83 million, a price-to-earnings ratio of -2.24 and a beta of 0.74. The firm’s 50 day moving average price is $4.06 and its two-hundred day moving average price is $3.17.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). As a group, equities analysts predict that Eledon Pharmaceuticals will post -0.63 EPS for the current fiscal year.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Eledon Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Marco Investment Management LLC grew its position in Eledon Pharmaceuticals by 22.3% during the 2nd quarter. Marco Investment Management LLC now owns 30,344 shares of the company’s stock worth $80,000 after purchasing an additional 5,535 shares in the last quarter. Clarity Capital Partners LLC purchased a new position in Eledon Pharmaceuticals during the 3rd quarter worth approximately $29,000. Dimensional Fund Advisors LP purchased a new position in shares of Eledon Pharmaceuticals during the 2nd quarter valued at $80,000. Geode Capital Management LLC grew its holdings in shares of Eledon Pharmaceuticals by 9.7% during the 3rd quarter. Geode Capital Management LLC now owns 378,058 shares of the company’s stock valued at $942,000 after acquiring an additional 33,569 shares in the last quarter. Finally, Armistice Capital LLC grew its holdings in shares of Eledon Pharmaceuticals by 1.7% during the 2nd quarter. Armistice Capital LLC now owns 2,336,000 shares of the company’s stock valued at $6,167,000 after acquiring an additional 39,000 shares in the last quarter. 56.77% of the stock is currently owned by hedge funds and other institutional investors.

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).