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

Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) was the target of a significant increase in short interest in October. As of October 15th, there was short interest totalling 142,900 shares, an increase 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 Price Performance

ELDN stock traded up $0.60 during mid-day trading on Wednesday, reaching $4.19. The company had a trading volume of 3,157,325 shares, compared to its average volume of 180,134. The company has a market capitalization of $166.16 million, a price-to-earnings ratio of -2.05 and a beta of 0.88. Eledon Pharmaceuticals has a 52 week low of $1.07 and a 52 week high of $4.41. The stock has a 50 day simple moving average of $2.79 and a two-hundred day simple moving average of $2.66.

Eledon Pharmaceuticals (NASDAQ:ELDN) last posted its quarterly earnings results on Monday, August 19th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.01). On average, equities analysts predict that Eledon Pharmaceuticals will post -1.52 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ELDN. Vanguard Group Inc. increased its holdings in shares of Eledon Pharmaceuticals by 39.4% during the 1st quarter. Vanguard Group Inc. now owns 969,121 shares of the company’s stock worth $1,996,000 after acquiring an additional 273,703 shares during the last quarter. Nantahala Capital Management LLC bought a new stake in shares of Eledon Pharmaceuticals during the 2nd quarter valued at $1,584,000. Armistice Capital LLC lifted its position in shares of Eledon Pharmaceuticals by 1.7% during the 2nd quarter. Armistice Capital LLC now owns 2,336,000 shares of the company’s stock valued at $6,167,000 after acquiring an additional 39,000 shares during the period. Dimensional Fund Advisors LP bought a new stake in shares of Eledon Pharmaceuticals during the 2nd quarter valued at $80,000. Finally, Renaissance Technologies LLC lifted its position in shares of Eledon Pharmaceuticals by 57.1% during the 2nd 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. Institutional investors and hedge funds 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).