Noble Capital analyst Robert LeBoyer initiated coverage of Eledon Pharmaceuticals with an Outperform rating and $10 price target. Eledon is developing tegoprubart to modulate the immune response and Phase 1b and Phase 2 clinical trials are in progress for prevention of kidney transplant rejection, the analyst tells investors. The firm expects Eledon shares to be driven by data from the company’s Phase 1b data presentation and clinical milestones from the Phase 2 BESTOW trial, the analyst added, noting that the firm models an anticipated product launch in 2029.
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