Guggenheim Begins Coverage on Eledon Pharmaceuticals (NASDAQ:ELDN)

Analysts at Guggenheim initiated coverage on shares of Eledon Pharmaceuticals (NASDAQ:ELDN) in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $9.00 price target on the stock. Guggenheim’s price objective points to a potential upside of 89.87% from the company’s previous close.

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

Eledon Pharmaceuticals Price Performance

ELDN opened at $4.74 on Tuesday. Eledon Pharmaceuticals has a fifty-two week low of $1.52 and a fifty-two week high of $5.54. The company’s 50-day moving average is $4.33 and its 200 day moving average is $3.52. The firm has a market capitalization of $283.17 million, a P/E ratio of -2.36 and a beta of 0.79.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its quarterly earnings data 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, equities research analysts expect that Eledon Pharmaceuticals will post -0.63 earnings per share for the current year.

Hedge Funds Weigh In On Eledon Pharmaceuticals

Several large investors have recently modified their holdings of ELDN. Clarity Capital Partners LLC purchased a new position in shares of Eledon Pharmaceuticals in the third quarter worth about $29,000. Dimensional Fund Advisors LP purchased a new position in shares of Eledon Pharmaceuticals in the second quarter worth about $80,000. Kera Capital Partners Inc. purchased a new position in shares of Eledon Pharmaceuticals in the fourth quarter worth about $106,000. Renaissance Technologies LLC increased its stake in shares of Eledon Pharmaceuticals by 57.1% in the second quarter. Renaissance Technologies LLC now owns 136,773 shares of the company’s stock worth $361,000 after purchasing an additional 49,704 shares in the last quarter. Finally, Inspire Investing LLC purchased a new position in shares of Eledon Pharmaceuticals in the fourth quarter worth about $802,000. 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).