Eledon Pharmaceuticals (NASDAQ:ELDN) Announces Quarterly Earnings Results
by Michael Walen · The Markets DailyEledon Pharmaceuticals (NASDAQ:ELDN – Get Free Report) released its quarterly earnings results on Thursday. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.10, FiscalAI reports.
Eledon Pharmaceuticals Stock Down 5.0%
Shares of NASDAQ ELDN traded down $0.15 during trading hours on Thursday, hitting $2.85. The company’s stock had a trading volume of 1,527,247 shares, compared to its average volume of 1,303,476. Eledon Pharmaceuticals has a 12 month low of $1.35 and a 12 month high of $4.60. The business has a 50-day simple moving average of $2.30 and a 200-day simple moving average of $2.34.
Hedge Funds Weigh In On Eledon Pharmaceuticals
Several institutional investors and hedge funds have recently modified their holdings of ELDN. BNP Paribas Financial Markets raised its stake in Eledon Pharmaceuticals by 143.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 12,154 shares of the company’s stock valued at $31,000 after buying an additional 7,166 shares during the last quarter. Barclays PLC boosted its position in shares of Eledon Pharmaceuticals by 9.7% during the fourth quarter. Barclays PLC now owns 87,472 shares of the company’s stock valued at $132,000 after buying an additional 7,719 shares during the period. Velan Capital Investment Management LP grew its position in Eledon Pharmaceuticals by 2.4% in the 3rd quarter. Velan Capital Investment Management LP now owns 346,973 shares of the company’s stock valued at $899,000 after acquiring an additional 8,000 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Eledon Pharmaceuticals by 6.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 173,131 shares of the company’s stock worth $261,000 after buying an additional 10,289 shares during the period. Finally, Cetera Investment Advisers lifted its holdings in Eledon Pharmaceuticals by 72.9% during the 4th quarter. Cetera Investment Advisers now owns 26,584 shares of the company’s stock valued at $40,000 after buying an additional 11,207 shares in the last quarter. 56.77% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a report on Monday, December 29th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Eledon Pharmaceuticals currently has an average rating of “Hold” and an average price target of $9.67.
Read Our Latest Stock Report on Eledon Pharmaceuticals
Eledon Pharmaceuticals Company Profile
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.