Eledon Pharmaceuticals (NASDAQ:ELDN) Rating Increased to Strong-Buy at Rodman & Renshaw

Eledon Pharmaceuticals (NASDAQ:ELDN) was upgraded by equities research analysts at Rodman & Renshaw to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Several other brokerages have also issued reports on ELDN. Wall Street Zen lowered Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, three have given 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.25.

Eledon Pharmaceuticals Stock Performance

Eledon Pharmaceuticals stock opened at $3.95 on Tuesday. Eledon Pharmaceuticals has a fifty-two week low of $1.35 and a fifty-two week high of $4.60. The stock has a market cap of $304.90 million, a P/E ratio of -5.13 and a beta of 0.95. The firm’s fifty day moving average price is $3.80 and its 200-day moving average price is $3.08.

Eledon Pharmaceuticals (NASDAQ:ELDN) last announced its earnings results on Wednesday, May 13th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.11). On average, analysts predict that Eledon Pharmaceuticals will post -0.74 earnings per share for the current year.

Institutional Investors Weigh In On Eledon Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the company. GK Wealth Management LLC bought a new position in shares of Eledon Pharmaceuticals during the second quarter valued at about $45,000. Relyea Zuckerberg Hanson LLC bought a new stake in shares of Eledon Pharmaceuticals in the first quarter worth about $37,000. BNP Paribas Financial Markets grew its stake in shares of Eledon Pharmaceuticals by 143.7% in the third quarter. BNP Paribas Financial Markets now owns 12,154 shares of the company’s stock worth $31,000 after purchasing an additional 7,166 shares during the last quarter. Waverly Advisors LLC purchased a new position in Eledon Pharmaceuticals during the 1st quarter valued at about $39,000. Finally, Baker Ellis Asset Management LLC purchased a new position in Eledon Pharmaceuticals during the 1st quarter valued at about $59,000. Institutional investors own 56.77% of the company’s stock.

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.