Stock Traders Purchase High Volume of Put Options on Eledon Pharmaceuticals (NASDAQ:ELDN)

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) was the target of unusually large options trading on Wednesday. Stock traders acquired 16,049 put options on the stock. This represents an increase of approximately 2,001% compared to the typical volume of 764 put options.

Eledon Pharmaceuticals Stock Up 3.0%

Shares of ELDN opened at $3.41 on Friday. The stock has a market cap of $263.22 million, a P/E ratio of -4.43 and a beta of 0.95. The business’s 50 day moving average price is $3.77 and its 200-day moving average price is $3.17. Eledon Pharmaceuticals has a 52 week low of $1.35 and a 52 week high of $4.60.

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

Hedge Funds Weigh In On Eledon Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of ELDN. SG Americas Securities LLC purchased a new position in shares of Eledon Pharmaceuticals in the 4th quarter worth about $947,000. Catalio Capital Management LP grew its position in Eledon Pharmaceuticals by 18.7% during the 4th quarter. Catalio Capital Management LP now owns 1,259,820 shares of the company’s stock valued at $1,902,000 after purchasing an additional 198,688 shares during the last quarter. Blue Owl Capital Holdings LP grew its position in Eledon Pharmaceuticals by 96.9% during the 4th quarter. Blue Owl Capital Holdings LP now owns 1,929,912 shares of the company’s stock valued at $2,914,000 after purchasing an additional 950,000 shares during the last quarter. Jefferies Financial Group Inc. bought a new stake in Eledon Pharmaceuticals during the 4th quarter valued at about $2,387,000. Finally, Relyea Zuckerberg Hanson LLC bought a new stake in Eledon Pharmaceuticals during the 1st quarter valued at about $37,000. 56.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ELDN shares. Wall Street Zen cut Eledon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Rodman & Renshaw initiated coverage on Eledon Pharmaceuticals in a research note on Tuesday, July 21st. They issued a “buy” rating and a $12.00 price target for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a report on Wednesday, June 24th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $9.67.

About Eledon Pharmaceuticals

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.