Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Short Interest Down 12.3% in May

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) was the target of a large drop in short interest during the month of May. As of May 15th, there was short interest totalling 1,570,000 shares, a drop of 12.3% from the April 30th total of 1,790,000 shares. Based on an average daily volume of 221,700 shares, the short-interest ratio is presently 7.1 days. Currently, 3.0% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised Eledon Pharmaceuticals from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 22nd.

Eledon Pharmaceuticals Stock Down 1.7%

Shares of NASDAQ:ELDN opened at $2.98 on Friday. The firm has a market cap of $178.45 million, a P/E ratio of -1.48 and a beta of -0.17. Eledon Pharmaceuticals has a 12-month low of $2.30 and a 12-month high of $5.54. The business has a fifty day simple moving average of $3.05 and a 200 day simple moving average of $3.80.

Eledon Pharmaceuticals (NASDAQ:ELDN) last announced its earnings results on Wednesday, May 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.20. As a group, equities research analysts expect that Eledon Pharmaceuticals will post -0.81 EPS for the current year.

Institutional Investors Weigh In On Eledon Pharmaceuticals

Large investors have recently modified their holdings of the company. Tower Research Capital LLC TRC increased its position in shares of Eledon Pharmaceuticals by 418.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,944 shares of the company’s stock worth $33,000 after buying an additional 6,412 shares during the period. CW Advisors LLC acquired a new stake in shares of Eledon Pharmaceuticals during the first quarter worth $34,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Eledon Pharmaceuticals during the first quarter worth $41,000. Alpine Global Management LLC acquired a new stake in shares of Eledon Pharmaceuticals during the fourth quarter worth $56,000. Finally, ADAR1 Capital Management LLC acquired a new stake in shares of Eledon Pharmaceuticals during the fourth quarter worth $66,000. 56.77% of the stock is currently owned by institutional investors and hedge funds.

Eledon Pharmaceuticals Company Profile

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).