Eledon Pharmaceuticals (NASDAQ:ELDN) Price Target Increased to $16.00 by Analysts at HC Wainwright

Eledon Pharmaceuticals (NASDAQ:ELDN) had its price target hoisted by HC Wainwright from $13.00 to $16.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock.

Eledon Pharmaceuticals Stock Down 9.4 %

Shares of ELDN stock traded down $0.23 during trading hours on Tuesday, hitting $2.21. 2,209,846 shares of the company’s stock traded hands, compared to its average volume of 116,984. The stock has a market cap of $54.83 million, a PE ratio of -1.23 and a beta of 0.86. The stock’s 50 day simple moving average is $1.87 and its 200 day simple moving average is $1.66. Eledon Pharmaceuticals has a 12 month low of $1.07 and a 12 month high of $2.95.

Eledon Pharmaceuticals (NASDAQ:ELDN) last announced its earnings results on Thursday, March 28th. The company reported ($0.29) EPS for the quarter, topping the consensus estimate of ($0.38) by $0.09. As a group, equities research analysts expect that Eledon Pharmaceuticals will post -1.38 EPS for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Eledon Pharmaceuticals stock. Armistice Capital LLC increased its position in shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) by 20.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,189,000 shares of the company’s stock after buying an additional 365,000 shares during the period. Armistice Capital LLC owned 9.05% of Eledon Pharmaceuticals worth $3,940,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 56.77% of the company’s stock.

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).