Eledon Pharmaceuticals, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Thomas Smith from Leerink Partners maintained a Buy rating on the stock and has a $8.00 price target.
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Thomas Smith’s rating is based on the promising interim results from Eledon Pharmaceuticals’ Phase 1b study of their lead asset, tegoprubart, in renal transplantation. The data presented showed that tegoprubart demonstrated encouraging kidney function levels, with eGFR results that compared favorably against the historical standard of care, tacrolimus. Additionally, the initial iBox data suggested a predicted 5-year graft survival rate of over 96%, indicating potential superiority over traditional treatments.
Moreover, tegoprubart was generally well-tolerated, with minimal treatment-related discontinuations and no major safety concerns such as opportunistic infections or new-onset diabetes, which are common with tacrolimus. These factors, combined with the anticipation of the upcoming Phase 2 BESTOW data, contribute to a positive outlook for Eledon Pharmaceuticals, supporting the Buy rating given by Thomas Smith.
In another report released yesterday, Noble Financial also reiterated a Buy rating on the stock with a $10.00 price target.
ELDN’s price has also changed dramatically for the past six months – from $4.700 to $2.745, which is a -41.60% drop .