Eledon Pharmaceuticals (NASDAQ:ELDN) Shares Down 3.4% - Here's Why

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN - Get Free Report)'s share price dropped 3.4% during trading on Monday . The company traded as low as $3.96 and last traded at $4.01. Approximately 395,521 shares traded hands during mid-day trading, an increase of 49% from the average daily volume of 265,548 shares. The stock had previously closed at $4.15.Get Eledon Pharmaceuticals alerts:Analysts Set New Price TargetsELDN has been the subject of a number of research reports. HC Wainwright reaffirmed a "buy" rating and issued a $16.00 price objective on shares of Eledon Pharmaceuticals in a report on Wednesday, November 20th. Guggenheim started coverage on shares of Eledon Pharmaceuticals in a report on Tuesday, January 28th. They set a "buy" rating and a $9.00 price target for the company.Check Out Our Latest Research Report on ELDNEledon Pharmaceuticals Price PerformanceThe company has a market cap of $239.55 million, a price-to-earnings ratio of -2.00 and a beta of 0.79. The firm's fifty day moving average price is $4.35 and its 200-day moving average price is $3.79. Hedge Funds Weigh In On Eledon PharmaceuticalsSeveral hedge funds and other institutional investors have recently modified their holdings of the company. RA Capital Management L.P. acquired a new stake in Eledon Pharmaceuticals in the fourth quarter worth about $14,693,000. First Light Asset Management LLC acquired a new stake in Eledon Pharmaceuticals in the fourth quarter worth about $9,595,000. Blue Owl Capital Holdings LP acquired a new stake in Eledon Pharmaceuticals in the fourth quarter worth about $8,075,000. Sphera Funds Management LTD. lifted its holdings in Eledon Pharmaceuticals by 96.7% in the fourth quarter. Sphera Funds Management LTD. now owns 2,551,619 shares of the company's stock worth $10,513,000 after purchasing an additional 1,254,298 shares during the period. Finally, Frazier Life Sciences Management L.P. acquired a new stake in Eledon Pharmaceuticals in the fourth quarter worth about $4,848,000. 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).Featured StoriesFive stocks we like better than Eledon PharmaceuticalsMarket Cap Calculator: How to Calculate Market CapBearish Investors Can Seek Refuge in Recession-Resistant ETFsHow to Calculate Retirement Income: MarketBeat’s Calculator3 Oversold Magnificent Seven Stocks at Key Levels: Buy Now?Airline Stocks - Top Airline Stocks to Buy Now3M to Hit $175 by Mid-Year, and Higher Highs Are LikelyThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Eledon Pharmaceuticals Right Now?Before you consider Eledon Pharmaceuticals, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Eledon Pharmaceuticals wasn't on the list.While Eledon Pharmaceuticals currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here