Eledon Pharmaceuticals (NASDAQ:ELDN) Releases Quarterly Earnings Results, Misses Expectations By $0.11 EPS

Eledon Pharmaceuticals (NASDAQ:ELDN) issued its quarterly earnings data on Thursday. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.11), FiscalAI reports.

Eledon Pharmaceuticals Stock Performance

Shares of NASDAQ:ELDN traded down $0.17 during midday trading on Friday, hitting $3.54. The company’s stock had a trading volume of 683,294 shares, compared to its average volume of 1,230,221. The stock’s 50 day simple moving average is $3.73 and its 200 day simple moving average is $3.28. The stock has a market capitalization of $272.87 million, a price-to-earnings ratio of -4.59 and a beta of 0.98. Eledon Pharmaceuticals has a fifty-two week low of $1.35 and a fifty-two week high of $4.60.

Institutional Trading of Eledon Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ELDN. Goldman Sachs Group Inc. increased its position in Eledon Pharmaceuticals by 78.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 258,106 shares of the company’s stock worth $875,000 after buying an additional 113,261 shares during the period. Jane Street Group LLC grew its stake in shares of Eledon Pharmaceuticals by 83.7% in the first quarter. Jane Street Group LLC now owns 224,600 shares of the company’s stock worth $761,000 after acquiring an additional 102,325 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Eledon Pharmaceuticals by 107.6% in the second quarter. Geode Capital Management LLC now owns 1,383,940 shares of the company’s stock worth $3,751,000 after acquiring an additional 717,223 shares during the last quarter. JPMorgan Chase & Co. bought a new position in Eledon Pharmaceuticals during the second quarter worth $75,000. Finally, American Century Companies Inc. bought a new position in Eledon Pharmaceuticals during the second quarter worth $96,000. Institutional investors and hedge funds own 56.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research report on Wednesday, June 24th. Wall Street Zen lowered Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Finally, Rodman & Renshaw assumed coverage on Eledon Pharmaceuticals in a research note on Tuesday, July 21st. They issued a “buy” rating and a $12.00 price objective on the stock. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Eledon Pharmaceuticals presently has an average rating of “Hold” and a consensus target price 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.