H.C. Wainwright analyst Vernon Bernardino reiterated a Buy rating on Eledon Pharmaceuticals (ELDN – Research Report) today and set a price target of $16.00.
Vernon Bernardino has given his Buy rating due to a combination of factors including the positive clinical advancements of Eledon Pharmaceuticals’ tegoprubart, an innovative treatment designed for preventing organ transplant rejection. Bernardino’s optimism is fueled by recent clinical progress reported by the company, particularly the first participant in an investigator-led clinical trial receiving an islet cell transplant treated with tegoprubart. The ongoing partnership with the University of Chicago Transplant Institute and the support from notable foundations like the Juvenile Diabetes Research Foundation further underscore the potential of tegoprubart in addressing Type 1 diabetes through islet cell transplantation.
The safety and efficacy data from the BESTOW Phase 1b trial, which shows tegoprubart’s tolerability and its potential to preserve organ function post-kidney transplantation, strengthen Bernardino’s confidence in the drug. With observed kidney function measurements surpassing those of historical studies using standard immunosuppression therapy, tegoprubart holds promise for significantly advancing treatment for Type 1 diabetes patients. Given these developments, Bernardino not only reiterates a Buy rating but also elevates the price target to $16, reflecting increased confidence in the drug’s clinical advancement and its potential for a lucrative licensing deal in the near future.
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Eledon Pharmaceuticals (ELDN) Company Description:
Eledon Pharmaceuticals, Inc. (Nasdaq:ELDN) is an immunology-focused biotechnology company utilizing its experience in the CD40/CD40L costimulatory pathway to develop and commercialize precision therapies for persons undergoing organ and cellular transplantation, and for people living with autoimmune and neurodegenerative disease. The company’s lead compound in development is tegoprubart (AT-1501), an anti-CD40L antibody. The company, which was established in 2004, is headquartered in Irvine, CA.
Read More on ELDN:
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