Inspire Investing LLC Invests $802,000 in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN)

Inspire Investing LLC bought a new stake in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) during the fourth quarter, Holdings Channel reports. The fund bought 194,688 shares of the company’s stock, valued at approximately $802,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Kera Capital Partners Inc. acquired a new position in Eledon Pharmaceuticals in the fourth quarter valued at $106,000. Geode Capital Management LLC boosted its holdings in Eledon Pharmaceuticals by 9.7% in the third quarter. Geode Capital Management LLC now owns 378,058 shares of the company’s stock valued at $942,000 after acquiring an additional 33,569 shares during the last quarter. Clarity Capital Partners LLC acquired a new position in Eledon Pharmaceuticals in the third quarter valued at $29,000. Nantahala Capital Management LLC purchased a new position in Eledon Pharmaceuticals in the second quarter valued at about $1,584,000. Finally, Renaissance Technologies LLC raised its position in Eledon Pharmaceuticals by 57.1% in the second quarter. Renaissance Technologies LLC now owns 136,773 shares of the company’s stock valued at $361,000 after purchasing an additional 49,704 shares during the period. Institutional investors and hedge funds own 56.77% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Eledon Pharmaceuticals Price Performance

NASDAQ:ELDN opened at $4.43 on Friday. The business’s 50-day moving average is $4.28 and its two-hundred day moving average is $3.46. Eledon Pharmaceuticals, Inc. has a 12 month low of $1.52 and a 12 month high of $5.54. The firm has a market capitalization of $264.65 million, a PE ratio of -2.20 and a beta of 0.79.

Eledon Pharmaceuticals (NASDAQ:ELDN) last announced its earnings results 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). Equities analysts anticipate that Eledon Pharmaceuticals, Inc. will post -0.63 EPS for the current year.

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).