Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) Short Interest Down 16.1% in July

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) saw a significant drop in short interest in the month of July. As of July 31st, there was short interest totalling 108,100 shares, a drop of 16.1% from the July 15th total of 128,800 shares. Based on an average daily volume of 158,400 shares, the days-to-cover ratio is presently 0.7 days.

Eledon Pharmaceuticals Stock Down 0.4 %

Shares of NASDAQ:ELDN traded down $0.01 during trading on Friday, reaching $2.73. The stock had a trading volume of 19,684 shares, compared to its average volume of 109,855. Eledon Pharmaceuticals has a 52 week low of $1.07 and a 52 week high of $3.35. The firm has a market capitalization of $67.74 million, a price-to-earnings ratio of -1.98 and a beta of 0.91. The stock has a fifty day simple moving average of $2.70 and a two-hundred day simple moving average of $2.29.

Institutional Trading of Eledon Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP bought a new stake in 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% in the 2nd quarter. Marco Investment Management LLC now owns 30,344 shares of the company’s stock valued at $80,000 after buying an additional 5,535 shares during the period. Renaissance Technologies LLC raised its position 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 purchasing an additional 49,704 shares during the period. CM Management LLC raised its holdings in Eledon Pharmaceuticals by 14.3% during the 1st quarter. CM Management LLC now owns 160,000 shares of the company’s stock worth $330,000 after buying an additional 20,000 shares during the period. Finally, Vanguard Group Inc. lifted its position in Eledon Pharmaceuticals by 39.4% in the 1st quarter. Vanguard Group Inc. now owns 969,121 shares of the company’s stock valued at $1,996,000 after acquiring an additional 273,703 shares in the last quarter. 56.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, HC Wainwright restated a “buy” rating and issued a $16.00 target price on shares of Eledon Pharmaceuticals in a research report on Tuesday, June 4th.

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).