Eledon Pharmaceuticals (NASDAQ:ELDN) Cut to Sell at Zacks Investment Research

Eledon Pharmaceuticals (NASDAQ:ELDN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Eledon Pharmaceuticals Inc. is a clinical stage biotechnology company. It develop treatments for an organ or cell-based transplant, and for people with autoimmune and neurodegenerative disease. Eledon Pharmaceuticals Inc., formerly known as Novus Therapeutics Inc., is based in IRVINE, Calif. “

NASDAQ:ELDN traded down $0.12 on Wednesday, hitting $5.76. 4,979 shares of the company’s stock traded hands, compared to its average volume of 65,025. Eledon Pharmaceuticals has a 1 year low of $5.10 and a 1 year high of $27.32. The firm has a 50-day moving average price of $6.80 and a 200-day moving average price of $8.13. The company has a market cap of $82.41 million, a PE ratio of -0.53 and a beta of 2.09.

Eledon Pharmaceuticals (NASDAQ:ELDN) last released its earnings results on Thursday, August 12th. The company reported ($0.50) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.58) by $0.08. Analysts predict that Eledon Pharmaceuticals will post -2.53 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Cormorant Asset Management LP bought a new stake in shares of Eledon Pharmaceuticals in the 1st quarter valued at approximately $15,146,000. EcoR1 Capital LLC bought a new stake in shares of Eledon Pharmaceuticals in the 1st quarter valued at approximately $11,938,000. BVF Inc. IL bought a new stake in shares of Eledon Pharmaceuticals in the 1st quarter valued at approximately $11,914,000. Woodline Partners LP bought a new stake in shares of Eledon Pharmaceuticals in the 1st quarter valued at approximately $9,534,000. Finally, Morgan Stanley grew its stake in shares of Eledon Pharmaceuticals by 7,235.6% in the 2nd quarter. Morgan Stanley now owns 851,004 shares of the company’s stock valued at $6,732,000 after buying an additional 839,403 shares in the last quarter. 65.90% of the stock is owned by institutional investors and hedge funds.

About Eledon Pharmaceuticals

Eledon Pharmaceuticals, Inc is a clinical stage biotechnology company using its expertise in targeting the CD40L pathway to develop potential treatments for people requiring an organ or cellular transplant, and for people living with autoimmune and neurodegenerative disease. The firm’s compound in development is AT-1501, a humanized IgG1 anti-CD40L antibody with high affinity for CD40 ligand (CD40L, also called CD154), a well-validated biological target with broad therapeutic potential.

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