Eledon Pharmaceuticals (NASDAQ:ELDN) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Eledon Pharmaceuticals (NASDAQ:ELDN) issued its quarterly earnings data on Wednesday. The company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.06, Zacks reports.

Eledon Pharmaceuticals Trading Down 4.9%

ELDN stock traded down $0.19 on Friday, hitting $3.76. The company’s stock had a trading volume of 549,277 shares, compared to its average volume of 1,199,059. The firm has a 50 day moving average of $3.25 and a two-hundred day moving average of $2.51. Eledon Pharmaceuticals has a 1 year low of $1.35 and a 1 year high of $4.60. The stock has a market cap of $289.92 million, a price-to-earnings ratio of -4.88 and a beta of 0.94.

Institutional Trading of Eledon Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the business. Virtu Financial LLC purchased a new stake in Eledon Pharmaceuticals in the 4th quarter valued at $39,000. XTX Topco Ltd raised its position in Eledon Pharmaceuticals by 867.1% in the 4th quarter. XTX Topco Ltd now owns 124,247 shares of the company’s stock valued at $188,000 after purchasing an additional 111,399 shares during the last quarter. Zimmer Partners LP raised its position in Eledon Pharmaceuticals by 30.6% in the 4th quarter. Zimmer Partners LP now owns 2,384,228 shares of the company’s stock valued at $3,600,000 after purchasing an additional 559,228 shares during the last quarter. Sphera Funds Management LTD. raised its position in Eledon Pharmaceuticals by 97.4% in the 4th quarter. Sphera Funds Management LTD. now owns 2,132,131 shares of the company’s stock valued at $3,220,000 after purchasing an additional 1,051,898 shares during the last quarter. Finally, Quadrature Capital Ltd raised its position in Eledon Pharmaceuticals by 291.2% in the 4th quarter. Quadrature Capital Ltd now owns 106,014 shares of the company’s stock valued at $160,000 after purchasing an additional 78,914 shares during the last quarter. Hedge funds and other institutional investors own 56.77% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $9.67.

Eledon Pharmaceuticals Company Profile

Eledon Pharmaceuticals, Inc (NASDAQ:ELDN) is a clinical-stage biopharmaceutical company focused on the discovery and development of therapies for diseases characterized by smooth muscle dysfunction. The company leverages a proprietary ion-channel modulation platform to identify and optimize small-molecule compounds that can either restore or inhibit smooth muscle activity, with the goal of addressing gastrointestinal, hepatic and cardiovascular disorders.

Eledon’s pipeline comprises several preclinical and early-phase clinical programs targeting high-unmet-need indications.