Yi Chen, an analyst from H.C. Wainwright, reiterated the Buy rating on Eledon Pharmaceuticals. The associated price target remains the same with $9.00.
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Yi Chen has given his Buy rating due to a combination of factors including the promising results from Eledon Pharmaceuticals’ Phase 1b trial of tegoprubart. The updated data presented at the World Transplant Congress indicate that tegoprubart has the potential to enhance graft survival and kidney function in kidney transplant patients. The study showed that patients on tegoprubart maintained stable kidney function over 12 months, outperforming historical data from standard treatments.
Furthermore, tegoprubart was well tolerated among patients, with no significant adverse effects such as death, graft loss, or new-onset diabetes. The occurrence of rejection episodes was low, and patients who experienced these episodes but continued on tegoprubart maintained better kidney function compared to those who switched to standard care. These encouraging results, along with the anticipation of further data from the Phase 2 BESTOW trial, support the reiterated Buy rating and the $9 price target.
In another report released on July 31, Noble Financial also reiterated a Buy rating on the stock with a $10.00 price target.