Short Interest in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Drops By 6.1%

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) was the recipient of a significant decrease in short interest in the month of November. As of November 30th, there was short interest totalling 686,700 shares, a decrease of 6.1% from the November 15th total of 731,500 shares. Based on an average daily trading volume, of 432,200 shares, the days-to-cover ratio is currently 1.6 days.

Eledon Pharmaceuticals Trading Up 2.1 %

Shares of ELDN stock traded up $0.09 on Monday, hitting $4.47. The stock had a trading volume of 598,033 shares, compared to its average volume of 214,018. Eledon Pharmaceuticals has a twelve month low of $1.43 and a twelve month high of $5.54. The company has a fifty day moving average price of $4.02 and a two-hundred day moving average price of $3.16. The firm has a market cap of $267.04 million, a P/E ratio of -2.22 and a beta of 0.74.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). On average, analysts expect that Eledon Pharmaceuticals will post -0.63 earnings per share for the current year.

Institutional Trading of Eledon Pharmaceuticals

A number of large investors have recently bought and sold shares of ELDN. Clarity Capital Partners LLC acquired a new position in shares of Eledon Pharmaceuticals in the third quarter valued at approximately $29,000. Marco Investment Management LLC boosted its stake in Eledon Pharmaceuticals by 22.3% in the 2nd quarter. Marco Investment Management LLC now owns 30,344 shares of the company’s stock worth $80,000 after purchasing an additional 5,535 shares during the period. Dimensional Fund Advisors LP bought a new position in Eledon Pharmaceuticals during the 2nd quarter worth about $80,000. Renaissance Technologies LLC raised its stake in shares of Eledon Pharmaceuticals by 57.1% in the 2nd quarter. Renaissance Technologies LLC now owns 136,773 shares of the company’s stock valued at $361,000 after purchasing an additional 49,704 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Eledon Pharmaceuticals by 9.7% in the third quarter. Geode Capital Management LLC now owns 378,058 shares of the company’s stock valued at $942,000 after purchasing an additional 33,569 shares in the last quarter. 56.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reissued a “buy” rating and set a $16.00 price objective on shares of Eledon Pharmaceuticals in a research note on Wednesday, November 20th.

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).