Eledon Pharmaceuticals (NASDAQ:ELDN) PT Raised to $16.00

Eledon Pharmaceuticals (NASDAQ:ELDN) had its price target upped by investment analysts at HC Wainwright from $13.00 to $16.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock.

Eledon Pharmaceuticals Stock Up 8.0 %

Shares of Eledon Pharmaceuticals stock opened at $2.44 on Tuesday. The firm has a market cap of $60.54 million, a price-to-earnings ratio of -1.36 and a beta of 0.86. Eledon Pharmaceuticals has a 52-week low of $1.07 and a 52-week high of $2.95. The company’s 50-day simple moving average is $1.88 and its 200-day simple moving average is $1.67.

Eledon Pharmaceuticals (NASDAQ:ELDN) last announced its quarterly earnings data on Thursday, March 28th. The company reported ($0.29) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.09. Equities research analysts anticipate that Eledon Pharmaceuticals will post -1.38 EPS for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Eledon Pharmaceuticals stock. Armistice Capital LLC lifted its stake in shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) by 20.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,189,000 shares of the company’s stock after purchasing an additional 365,000 shares during the quarter. Armistice Capital LLC owned about 9.05% of Eledon Pharmaceuticals worth $3,940,000 at the end of the most recent quarter. 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).