Sphera Funds Management LTD. Buys 1,254,298 Shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN)

Sphera Funds Management LTD. raised its stake in shares of Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) by 96.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,551,619 shares of the company’s stock after acquiring an additional 1,254,298 shares during the period. Eledon Pharmaceuticals comprises approximately 1.9% of Sphera Funds Management LTD.’s investment portfolio, making the stock its 12th largest holding. Sphera Funds Management LTD. owned 4.27% of Eledon Pharmaceuticals worth $10,513,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Eledon Pharmaceuticals during the 4th quarter worth $76,000. Point72 Asset Management L.P. bought a new stake in shares of Eledon Pharmaceuticals during the 4th quarter worth $4,511,000. OMERS ADMINISTRATION Corp bought a new stake in shares of Eledon Pharmaceuticals during the 4th quarter worth $259,000. Millennium Management LLC bought a new stake in shares of Eledon Pharmaceuticals during the 4th quarter worth $490,000. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Eledon Pharmaceuticals during the 4th quarter worth $91,000. 56.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Guggenheim began coverage on Eledon Pharmaceuticals in a research note on Tuesday, January 28th. They set a “buy” rating and a $9.00 target price on the stock.

Eledon Pharmaceuticals Stock Up 2.1%

ELDN stock opened at $2.89 on Friday. The firm has a market capitalization of $173.06 million, a PE ratio of -1.44 and a beta of 0.08. Eledon Pharmaceuticals, Inc. has a twelve month low of $2.30 and a twelve month high of $5.54. The stock has a 50-day simple moving average of $3.19 and a two-hundred day simple moving average of $3.96.

Eledon Pharmaceuticals (NASDAQ:ELDN) last issued its quarterly earnings data on Wednesday, May 14th. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.20. On average, equities research analysts anticipate that Eledon Pharmaceuticals, Inc. will post -0.81 EPS for the current fiscal year.

About Eledon Pharmaceuticals

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).