Short Interest in Eledon Pharmaceuticals Rises By 30.3%
Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN) saw a significant growth in short interest in March. As of March 13th, there was short interest totaling 8,417,915 shares, a growth of 30.3% from the February 26th total of 6,458,931 shares. Approximately 12.7% of the company’s stock are short sold.
Based on an average daily volume of 1,292,590 shares, the short-interest ratio is currently 6.5 days. This increase in short interest can be a sign of bearish sentiment among investors, and it’s essential for Indian investors to understand the implications of this trend.
What is Short Interest and How Does it Affect Stock Prices?
Short interest refers to the number of shares that have been sold short by investors. When an investor sells a stock short, they are betting that the price will fall. If the price does fall, the investor can buy the stock back at the lower price and pocket the difference as profit.
However, if the price rises, the investor will incur a loss. Short interest can be a sign of bearish sentiment among investors, and it can also put downward pressure on the stock price. On the other hand, if a stock has a high short interest and the price starts to rise, it can lead to a short squeeze, where short sellers scramble to buy back the stock, driving the price even higher.
For Indian investors, it’s crucial to monitor short interest and other market trends to make informed investment decisions. You can learn more about short selling strategy and its implications on the stock market.
Eledon Pharmaceuticals’ Stock Performance
Shares of ELDN stock traded down $0.13 during trading on Friday, hitting $2.83. 864,502 shares of the company were exchanged, compared to its average volume of 1,556,412. The business’s 50-day simple moving average is $2.44 and its 200 day simple moving average is $2.35.
Eledon Pharmaceuticals has a twelve month low of $1.35 and a twelve month high of $4.60. The firm has a market capitalization of $214.66 million, a price-to-earnings ratio of -5.44 and a beta of 0.84.
To stay updated on the latest stock market trends and news, Indian investors can visit our website and read our articles on stock market news India.
Eledon Pharmaceuticals’ Quarterly Earnings Data
Eledon Pharmaceuticals last released its quarterly earnings data on Thursday, March 19th. The company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.10.
On average, equities analysts forecast that Eledon Pharmaceuticals will post -0.81 earnings per share for the current fiscal year. You can learn more about quarterly earnings report and its significance in the stock market.
Analyst Ratings and Price Targets
Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Eledon Pharmaceuticals in a report on Monday, December 29th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock.
According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $9.67. To know more about analyst ratings and price targets, you can visit our website and read our articles on the same.
Institutional Investors and Hedge Funds
Several hedge funds and other institutional investors have recently modified their holdings of ELDN. Rockefeller Capital Management L.P. boosted its position in Eledon Pharmaceuticals by 95.5% during the fourth quarter.
Rockefeller Capital Management L.P. now owns 71,666 shares of the company’s stock valued at $108,000 after purchasing an additional 35,000 shares during the last quarter. Kera Capital Partners Inc. grew its position in Eledon Pharmaceuticals by 54.3% in the fourth quarter.
Kera Capital Partners Inc. now owns 39,770 shares of the company’s stock worth $60,000 after acquiring an additional 14,000 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Eledon Pharmaceuticals during the 4th quarter worth $39,000.
XTX Topco Ltd increased its stake in shares of Eledon Pharmaceuticals by 867.1% during the 4th quarter. XTX Topco Ltd now owns 124,247 shares of the company’s stock worth $188,000 after purchasing an additional 111,399 shares during the last quarter.
Finally, Zimmer Partners LP raised its holdings in shares of Eledon Pharmaceuticals by 30.6% during the 4th quarter. Zimmer Partners LP now owns 2,384,228 shares of the company’s stock valued at $3,600,000 after purchasing an additional 559,228 shares in the last quarter.
56.77% of the stock is currently owned by hedge funds and other institutional investors. You can learn more about hedge funds and institutional investors and their role in the stock market.
About Eledon Pharmaceuticals
Eledon Pharmaceuticals, Inc (NASDAQ:ELDN) is a clinical-stage biopharmaceutical company focused on the discovery and development of therapies for diseases characterized by smooth muscle dysfunction.
The company leverages a proprietary ion-channel modulation platform to identify and optimize small-molecule compounds that can either restore or inhibit smooth muscle activity, with the goal of addressing gastrointestinal, hepatic and cardiovascular disorders.
Eledon’s pipeline comprises several preclinical and early-phase clinical programs targeting high-unmet-need indications. You can learn more about biopharmaceutical companies in India and their contributions to the healthcare sector.