Eledon Pharmaceuticals (NASDAQ:ELDN) Shares Down 3.4% – Here’s Why

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN)’s share price dropped 3.4% during trading on Monday . The stock traded as low as $3.96 and last traded at $4.01. Approximately 395,521 shares were traded during mid-day trading, an increase of 49% from the average daily volume of 265,548 shares. The stock had previously closed at $4.15.

Analyst Ratings Changes

ELDN has been the topic of several research reports. Guggenheim initiated coverage on shares of Eledon Pharmaceuticals in a research report on Tuesday, January 28th. They issued a “buy” rating and a $9.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $16.00 price target on shares of Eledon Pharmaceuticals in a research report on Wednesday, November 20th.

Eledon Pharmaceuticals Stock Down 3.4 %

The firm’s 50-day simple moving average is $4.35 and its 200 day simple moving average is $3.79. The stock has a market capitalization of $239.55 million, a P/E ratio of -2.00 and a beta of 0.79.

Institutional Trading of Eledon Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the stock. RA Capital Management L.P. acquired a new position in shares of Eledon Pharmaceuticals in the fourth quarter worth about $14,693,000. First Light Asset Management LLC purchased a new stake in shares of Eledon Pharmaceuticals in the 4th quarter valued at approximately $9,595,000. Blue Owl Capital Holdings LP acquired a new position in Eledon Pharmaceuticals in the 4th quarter worth approximately $8,075,000. Sphera Funds Management LTD. grew its position in Eledon Pharmaceuticals by 96.7% during the 4th quarter. Sphera Funds Management LTD. now owns 2,551,619 shares of the company’s stock worth $10,513,000 after purchasing an additional 1,254,298 shares in the last quarter. Finally, Frazier Life Sciences Management L.P. acquired a new stake in Eledon Pharmaceuticals during the 4th quarter valued at $4,848,000. Institutional investors and hedge funds own 56.77% of the company’s stock.

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).