Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Short Interest Up 5.2% in October

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) was the target of a large increase in short interest in October. As of October 31st, there was short interest totalling 52,400 shares, an increase of 5.2% from the October 15th total of 49,800 shares. Based on an average daily volume of 87,500 shares, the days-to-cover ratio is presently 0.6 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BVF Inc. IL grew its position in Eledon Pharmaceuticals by 86.0% in the 2nd quarter. BVF Inc. IL now owns 4,326,710 shares of the company’s stock worth $5,928,000 after purchasing an additional 2,000,000 shares during the period. Vanguard Group Inc. grew its holdings in shares of Eledon Pharmaceuticals by 1.4% in the first quarter. Vanguard Group Inc. now owns 679,243 shares of the company’s stock worth $2,676,000 after acquiring an additional 9,543 shares during the period. Royal Bank of Canada purchased a new stake in Eledon Pharmaceuticals during the second quarter valued at $374,000. Geode Capital Management LLC lifted its holdings in Eledon Pharmaceuticals by 31.4% in the second quarter. Geode Capital Management LLC now owns 169,650 shares of the company’s stock valued at $232,000 after acquiring an additional 40,499 shares during the period. Finally, Ensign Peak Advisors Inc boosted its position in Eledon Pharmaceuticals by 13.2% in the third quarter. Ensign Peak Advisors Inc now owns 87,286 shares of the company’s stock worth $241,000 after purchasing an additional 10,186 shares during the last quarter. Institutional investors own 39.40% of the company’s stock.

Eledon Pharmaceuticals Stock Up 1.6 %

Shares of NASDAQ ELDN traded up $0.02 during trading on Friday, reaching $1.27. 104,611 shares of the company traded hands, compared to its average volume of 97,428. The firm has a 50 day simple moving average of $1.35 and a 200-day simple moving average of $1.55. Eledon Pharmaceuticals has a 52-week low of $1.07 and a 52-week high of $3.70. The stock has a market capitalization of $30.73 million, a PE ratio of -0.22 and a beta of 1.82.

Analyst Upgrades and Downgrades

ELDN has been the topic of several analyst reports. Noble Financial started coverage on shares of Eledon Pharmaceuticals in a research note on Wednesday, September 27th. They issued an “outperform” rating and a $10.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $9.00 target price on shares of Eledon Pharmaceuticals in a research note on Tuesday, August 22nd. Finally, HC Wainwright reissued a “buy” rating and issued a $13.00 target price on shares of Eledon Pharmaceuticals in a report on Monday.

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).