Short Interest in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Declines By 6.7%

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDNGet Free Report) was the recipient of a significant decrease in short interest in March. As of March 15th, there was short interest totalling 36,400 shares, a decrease of 6.7% from the February 29th total of 39,000 shares. Based on an average daily trading volume, of 80,200 shares, the short-interest ratio is currently 0.5 days.

Institutional Investors Weigh In On Eledon Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the business. BVF Inc. IL increased its stake in Eledon Pharmaceuticals by 86.0% in the second 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. Armistice Capital LLC lifted its holdings in Eledon Pharmaceuticals by 20.0% during the 4th quarter. Armistice Capital LLC now owns 2,189,000 shares of the company’s stock valued at $3,940,000 after buying an additional 365,000 shares in the last quarter. Vanguard Group Inc. boosted its position in Eledon Pharmaceuticals by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 695,418 shares of the company’s stock valued at $1,252,000 after buying an additional 20,898 shares during the period. Royal Bank of Canada bought a new position in Eledon Pharmaceuticals in the 2nd quarter worth about $374,000. Finally, Geode Capital Management LLC grew its stake in Eledon Pharmaceuticals by 31.4% in the 2nd quarter. Geode Capital Management LLC now owns 169,650 shares of the company’s stock worth $232,000 after acquiring an additional 40,499 shares in the last quarter. 56.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a “buy” rating and set a $13.00 price target on shares of Eledon Pharmaceuticals in a report on Friday, March 22nd.

View Our Latest Research Report on ELDN

Eledon Pharmaceuticals Trading Down 3.0 %

Shares of ELDN opened at $1.93 on Wednesday. Eledon Pharmaceuticals has a twelve month low of $1.07 and a twelve month high of $2.95. The company’s fifty day simple moving average is $1.80 and its 200-day simple moving average is $1.57. The company has a market cap of $47.89 million, a P/E ratio of -1.08 and a beta of 0.87.

About Eledon Pharmaceuticals

(Get Free Report)

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).

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