Eledon Pharmaceuticals (NASDAQ:ELDN) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

by · The Cerbat Gem

Eledon Pharmaceuticals (NASDAQ:ELDN – Get Free Report) announced its quarterly earnings data on Wednesday. The company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.06, Zacks reports.

Eledon Pharmaceuticals Price Performance

Shares of Eledon Pharmaceuticals stock traded down $0.22 during midday trading on Friday, hitting $3.74. 691,380 shares of the company were exchanged, compared to its average volume of 1,200,748. The firm has a market cap of $288.30 million, a P/E ratio of -4.86 and a beta of 0.94. Eledon Pharmaceuticals has a 52 week low of $1.35 and a 52 week high of $4.60. The firm has a 50 day simple moving average of $3.25 and a 200-day simple moving average of $2.51.

Hedge Funds Weigh In On Eledon Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. Jane Street Group LLC boosted its stake in Eledon Pharmaceuticals by 83.7% in the first quarter. Jane Street Group LLC now owns 224,600 shares of the company’s stock worth $761,000 after purchasing an additional 102,325 shares in the last quarter. Sphera Funds Management LTD. boosted its stake in Eledon Pharmaceuticals by 97.4% in the fourth quarter. Sphera Funds Management LTD. now owns 2,132,131 shares of the company’s stock worth $3,220,000 after purchasing an additional 1,051,898 shares in the last quarter. ADAR1 Capital Management LLC acquired a new position in Eledon Pharmaceuticals in the fourth quarter worth $2,751,000. State Street Corp boosted its stake in Eledon Pharmaceuticals by 18.1% in the fourth quarter. State Street Corp now owns 773,885 shares of the company’s stock worth $1,169,000 after purchasing an additional 118,409 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Eledon Pharmaceuticals by 78.2% in the first quarter. Goldman Sachs Group Inc. now owns 258,106 shares of the company’s stock worth $875,000 after purchasing an additional 113,261 shares in the last quarter. Institutional investors and hedge funds own 56.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research report on Friday, March 27th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $9.67.

Check Out Our Latest Research Report on ELDN

Eledon Pharmaceuticals Company Profile

(Get Free Report)

Eledon Pharmaceuticals, Inc (NASDAQ:ELDN) is a clinical-stage biopharmaceutical company focused on the discovery and development of therapies for diseases characterized by smooth muscle dysfunction. The company leverages a proprietary ion-channel modulation platform to identify and optimize small-molecule compounds that can either restore or inhibit smooth muscle activity, with the goal of addressing gastrointestinal, hepatic and cardiovascular disorders.

Eledon’s pipeline comprises several preclinical and early-phase clinical programs targeting high-unmet-need indications.

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