Even if they're labeled as millionaire-maker penny stocks, you must remember one thing: this sector is extremely dangerous. When you're dealing with incredibly small market capitalization firms, anything can happen.
Eledon Pharmaceuticals (ELDN) appears to have found support after losing some value lately, as indicated by the formation of a hammer chart. In addition to this technical chart pattern, strong agreement among Wall Street analysts in revising earnings estimates higher enhances the stock's potential for a turnaround in the near term.
Does Eledon Pharmaceuticals, Inc. (ELDN) have what it takes to be a top stock pick for momentum investors? Let's find out.