Elevation Oncology (NASDAQ:ELEV) Stock Price Down 3.8%

Elevation Oncology, Inc. (NASDAQ:ELEV)’s share price traded down 3.8% during trading on Friday . The company traded as low as $0.61 and last traded at $0.63. 603,701 shares changed hands during trading, a decline of 66% from the average session volume of 1,791,100 shares. The stock had previously closed at $0.65.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Piper Sandler assumed coverage on Elevation Oncology in a research report on Friday, May 31st. They set an “overweight” rating and a $10.00 price objective on the stock. Stephens assumed coverage on Elevation Oncology in a research report on Tuesday, May 14th. They set an “overweight” rating and a $8.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $6.00 price objective on shares of Elevation Oncology in a research report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and set a $8.00 price objective on shares of Elevation Oncology in a research report on Tuesday, August 6th. Finally, JMP Securities reiterated a “market outperform” rating and set a $7.00 price objective on shares of Elevation Oncology in a research report on Monday, July 15th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Elevation Oncology has a consensus rating of “Buy” and an average price target of $7.80.

Elevation Oncology Price Performance

The company has a quick ratio of 41.10, a current ratio of 41.10 and a debt-to-equity ratio of 0.38. The company has a market cap of $34.15 million, a PE ratio of -0.60 and a beta of 1.26. The stock has a 50-day simple moving average of $1.78 and a 200 day simple moving average of $3.16.

Elevation Oncology (NASDAQ:ELEV) last posted its earnings results on Tuesday, August 6th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.05. Equities analysts expect that Elevation Oncology, Inc. will post -0.86 EPS for the current year.

Institutional Investors Weigh In On Elevation Oncology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new stake in Elevation Oncology in the first quarter valued at $63,000. XTX Topco Ltd purchased a new stake in shares of Elevation Oncology in the 2nd quarter valued at $103,000. American Century Companies Inc. raised its holdings in shares of Elevation Oncology by 55.7% in the 2nd quarter. American Century Companies Inc. now owns 49,222 shares of the company’s stock valued at $133,000 after buying an additional 17,602 shares during the period. Rhumbline Advisers purchased a new stake in shares of Elevation Oncology in the 2nd quarter valued at $175,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Elevation Oncology in the 2nd quarter valued at $415,000. Hedge funds and other institutional investors own 83.70% of the company’s stock.

About Elevation Oncology

Elevation Oncology, Inc, an oncology company, focuses on the discovery and development of cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs. The company's lead candidate is EO-3021, an antibody-drug conjugate designed to target Claudin 18.2, a clinically validated molecular target.