Eledon initiated with a Buy at Guggenheim on tegoprubart opportunity

As previously reported, Guggenheim initiated coverage of Eledon Pharmaceuticals (ELDN) with a Buy rating and $9 price target The firm describes the kidney transplantation market as “a large and growing one, with a significant unmet need for novel immunosuppressants that can prevent graft rejection,” adding that it is “encouraged” by the early data to date for Eledon’s tegoprubart. Initial Phase 1b data showed “impressive” preservation of kidney function and a “reasonable side effect profile,” says the analyst, who expects to see additional data from the Phase 1b trial as well as topline data from the ongoing Phase 2 trial over the course of 2025, noting that the firm currently estimate a 60% probability of success for tegoprubart in kidney transplants.