Eledon Pharmaceuticals (NASDAQ:ELDN) Shares Down 3.4% – Here’s Why

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN)’s share price dropped 3.4% during trading on Monday . The company traded as low as $3.96 and last traded at $4.01. Approximately 395,521 shares traded hands during mid-day trading, an increase of 49% from the average daily volume of 265,548 shares. The stock had previously closed at $4.15.

Analysts Set New Price Targets

ELDN has been the subject of a number of research reports. HC Wainwright reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Eledon Pharmaceuticals in a report on Wednesday, November 20th. Guggenheim started coverage on shares of Eledon Pharmaceuticals in a report on Tuesday, January 28th. They set a “buy” rating and a $9.00 price target for the company.

Eledon Pharmaceuticals Price Performance

The company has a market cap of $239.55 million, a price-to-earnings ratio of -2.00 and a beta of 0.79. The firm’s fifty day moving average price is $4.35 and its 200-day moving average price is $3.79.

Hedge Funds Weigh In On Eledon Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the company. RA Capital Management L.P. acquired a new stake in Eledon Pharmaceuticals in the fourth quarter worth about $14,693,000. First Light Asset Management LLC acquired a new stake in Eledon Pharmaceuticals in the fourth quarter worth about $9,595,000. Blue Owl Capital Holdings LP acquired a new stake in Eledon Pharmaceuticals in the fourth quarter worth about $8,075,000. Sphera Funds Management LTD. lifted its holdings in Eledon Pharmaceuticals by 96.7% in the fourth quarter. Sphera Funds Management LTD. now owns 2,551,619 shares of the company’s stock worth $10,513,000 after purchasing an additional 1,254,298 shares during the period. Finally, Frazier Life Sciences Management L.P. acquired a new stake in Eledon Pharmaceuticals in the fourth quarter worth about $4,848,000. Institutional investors and hedge funds 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).