Eledon Pharmaceuticals (ELDN) has received a new Buy rating, initiated by H.C. Wainwright analyst, Yi Chen.
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Yi Chen has given his Buy rating due to a combination of factors related to Eledon Pharmaceuticals’ promising developments in kidney transplantation treatments. The company’s lead drug candidate, tegoprubart, targets the CD40 ligand, which is crucial for immune cell activation. By focusing on the CD40 ligand rather than the receptor, tegoprubart potentially offers enhanced efficacy over existing treatments.
Interim results from the Phase 1b trial have shown that tegoprubart is generally safe and well-tolerated in kidney transplant patients. The ongoing Phase 2 BESTOW trial, which completed enrollment ahead of schedule, is set to provide topline data by the fourth quarter of 2025. This trial compares tegoprubart to the current standard treatment, tacrolimus, which has significant safety concerns. The potential for tegoprubart to offer improved safety and efficacy makes Eledon Pharmaceuticals a compelling investment opportunity, justifying the Buy rating and a price target of $9 per share.