Short Interest in Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Expands By 20.5%

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDNGet Free Report) was the recipient of a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 142,900 shares, a growth of 20.5% from the September 30th total of 118,600 shares. Based on an average daily trading volume, of 65,300 shares, the days-to-cover ratio is currently 2.2 days.

Eledon Pharmaceuticals Stock Performance

NASDAQ:ELDN traded up $0.60 during mid-day trading on Wednesday, hitting $4.19. The company had a trading volume of 3,157,325 shares, compared to its average volume of 180,134. The firm has a market cap of $166.16 million, a P/E ratio of -2.05 and a beta of 0.88. The business’s fifty day moving average is $2.79 and its two-hundred day moving average is $2.66. Eledon Pharmaceuticals has a fifty-two week low of $1.07 and a fifty-two week high of $4.41.

Eledon Pharmaceuticals (NASDAQ:ELDNGet Free Report) last released its quarterly earnings results on Monday, August 19th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.01). Equities analysts forecast that Eledon Pharmaceuticals will post -1.52 earnings per share for the current year.

Institutional Investors Weigh In On Eledon Pharmaceuticals

Hedge funds have recently modified their holdings of the business. Clarity Capital Partners LLC acquired a new stake in shares of Eledon Pharmaceuticals during the third quarter worth about $29,000. Dimensional Fund Advisors LP acquired a new stake in shares of Eledon Pharmaceuticals during the second quarter worth about $80,000. Marco Investment Management LLC grew its holdings in shares of Eledon Pharmaceuticals by 22.3% during the second quarter. Marco Investment Management LLC now owns 30,344 shares of the company’s stock worth $80,000 after buying an additional 5,535 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Eledon Pharmaceuticals by 57.1% during the second quarter. Renaissance Technologies LLC now owns 136,773 shares of the company’s stock worth $361,000 after buying an additional 49,704 shares in the last quarter. Finally, CM Management LLC grew its holdings 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 worth $330,000 after buying an additional 20,000 shares in the last quarter. Institutional investors and hedge funds own 56.77% of the company’s stock.

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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