ELDN

Stock Performance: Eledon Pharmaceuticals (NASDAQ: ELDN) experienced a significant drop in stock price, down 59.03% to $1.68, with a trading volume of 15.72 million shares compared to its average of 1.24 million.

Phase 2 Trial Results: The Phase 2 BESTOW trial for tegoprubart, aimed at preventing organ rejection in kidney transplant patients, did not show significant improvements in estimated glomerular filtration rates (eGFR) compared to the standard immunosuppressant tacrolimus.

Efficacy and Safety Findings: Despite missing the primary efficacy endpoint, tegoprubart demonstrated the highest mean eGFR reported in kidney transplant trials and showed lower rates of delayed graft function and shorter dialysis duration compared to tacrolimus.

Future Development Plans: Eledon plans to advance tegoprubart into Phase 3 development after discussions with regulators, supported by approximately $93.4 million in cash reserves expected to last until late 2026.

U.S. Stock Market Performance: U.S. stocks declined, with the Dow Jones falling over 200 points, while the NASDAQ and S&P 500 also experienced significant drops. Consumer staples saw a rise of 1.1%, contrasting with a 1.8% decline in communication services stocks.

Company Earnings Reports: Fluor Corporation's shares fell 2% despite exceeding earnings expectations, while Motorsport Games Inc and BIO-Key International Inc saw substantial increases in their stock prices due to positive sales results and significant deployments, respectively.

Commodity Market Updates: Oil prices increased by 0.2% to $59.58, while gold and silver also saw slight gains. In contrast, copper prices fell by 0.2%.

Global Market Trends: European and Asian markets closed lower, with notable declines in major indices such as the STOXX 600 and Japan's Nikkei 225. Additionally, U.S. consumer sentiment dropped to 50.3 in November, indicating a decline in consumer confidence.