Eledon Pharmaceuticals (NASDAQ:ELDN) Cut to Sell at Zacks Investment Research

Eledon Pharmaceuticals (NASDAQ:ELDN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “Eledon Pharmaceuticals Inc. is a clinical stage biotechnology company. It develop treatments for an organ or cell-based transplant, and for people with autoimmune and neurodegenerative disease. Eledon Pharmaceuticals Inc., formerly known as Novus Therapeutics Inc., is based in IRVINE, Calif. “

Shares of ELDN traded down $0.12 during mid-day trading on Wednesday, reaching $5.76. 4,979 shares of the stock traded hands, compared to its average volume of 65,025. The firm has a market cap of $82.41 million, a price-to-earnings ratio of -0.53 and a beta of 2.09. The stock has a fifty day simple moving average of $6.80 and a 200 day simple moving average of $8.13. Eledon Pharmaceuticals has a 12-month low of $5.10 and a 12-month high of $27.32.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its quarterly earnings data on Thursday, August 12th. The company reported ($0.50) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.08. As a group, research analysts predict that Eledon Pharmaceuticals will post -2.53 earnings per share for the current year.

Several large investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in Eledon Pharmaceuticals in the first quarter worth $131,000. Geode Capital Management LLC acquired a new position in Eledon Pharmaceuticals in the first quarter worth $1,060,000. Northern Trust Corp acquired a new position in Eledon Pharmaceuticals in the first quarter worth $166,000. Renaissance Technologies LLC acquired a new position in Eledon Pharmaceuticals in the first quarter worth $289,000. Finally, Ikarian Capital LLC acquired a new position in Eledon Pharmaceuticals in the first quarter worth $2,676,000. Institutional investors and hedge funds own 65.90% of the company’s stock.

Eledon Pharmaceuticals Company Profile

Eledon Pharmaceuticals, Inc is a clinical stage biotechnology company using its expertise in targeting the CD40L pathway to develop potential treatments for people requiring an organ or cellular transplant, and for people living with autoimmune and neurodegenerative disease. The firm’s compound in development is AT-1501, a humanized IgG1 anti-CD40L antibody with high affinity for CD40 ligand (CD40L, also called CD154), a well-validated biological target with broad therapeutic potential.

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