Short Interest in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Expands By 572.2%

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) was the target of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 960,600 shares, a growth of 572.2% from the October 15th total of 142,900 shares. Based on an average trading volume of 325,800 shares, the short-interest ratio is currently 2.9 days.

Eledon Pharmaceuticals Stock Performance

NASDAQ ELDN traded down $0.06 on Thursday, hitting $4.21. The stock had a trading volume of 188,124 shares, compared to its average volume of 195,426. The firm has a 50-day moving average of $3.20 and a 200-day moving average of $2.87. The company has a market capitalization of $166.97 million, a price-to-earnings ratio of -2.12 and a beta of 0.76. Eledon Pharmaceuticals has a 52-week low of $1.11 and a 52-week high of $5.54.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). As a group, research analysts anticipate that Eledon Pharmaceuticals will post -1.52 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Clarity Capital Partners LLC bought a new position in shares of Eledon Pharmaceuticals during the third quarter valued at about $29,000. Dimensional Fund Advisors LP bought a new stake in Eledon Pharmaceuticals during the 2nd quarter valued at $80,000. Marco Investment Management LLC grew its holdings 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 acquiring an additional 5,535 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Eledon Pharmaceuticals by 57.1% in the second quarter. Renaissance Technologies LLC now owns 136,773 shares of the company’s stock valued at $361,000 after acquiring an additional 49,704 shares during the period. Finally, CM Management LLC raised its stake in shares of Eledon Pharmaceuticals by 14.3% during the first quarter. CM Management LLC now owns 160,000 shares of the company’s stock valued at $330,000 after acquiring an additional 20,000 shares during the last quarter. Hedge funds and other institutional investors own 56.77% of the company’s stock.

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).