William Blair Begins Coverage on Elevation Oncology (NASDAQ:ELEV)

Investment analysts at William Blair initiated coverage on shares of Elevation Oncology (NASDAQ:ELEV) in a report released on Friday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating on the stock.

Other research analysts have also recently issued research reports about the stock. JMP Securities restated a “market outperform” rating and issued a $7.00 target price on shares of Elevation Oncology in a report on Thursday, December 19th. HC Wainwright restated a “buy” rating and set a $6.00 price target on shares of Elevation Oncology in a report on Friday, December 13th. Finally, Stephens reiterated an “overweight” rating and issued a $5.00 price objective on shares of Elevation Oncology in a report on Friday, December 6th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $7.20.

Elevation Oncology Price Performance

ELEV stock opened at $0.60 on Friday. The firm has a 50 day moving average of $0.60 and a 200-day moving average of $1.14. The company has a current ratio of 17.77, a quick ratio of 17.77 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $35.18 million, a P/E ratio of -0.73 and a beta of 1.24. Elevation Oncology has a 12 month low of $0.50 and a 12 month high of $5.83.

Elevation Oncology (NASDAQ:ELEV) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.02). As a group, sell-side analysts predict that Elevation Oncology will post -0.85 earnings per share for the current fiscal year.

Institutional Trading of Elevation Oncology

Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. raised its holdings in shares of Elevation Oncology by 175.9% during the third quarter. JPMorgan Chase & Co. now owns 61,334 shares of the company’s stock valued at $37,000 after purchasing an additional 39,101 shares during the last quarter. Barclays PLC raised its stake in Elevation Oncology by 302.4% during the 3rd quarter. Barclays PLC now owns 72,077 shares of the company’s stock valued at $43,000 after buying an additional 54,167 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Elevation Oncology by 7.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,110,085 shares of the company’s stock valued at $666,000 after buying an additional 78,509 shares during the period. Frazier Life Sciences Management L.P. boosted its stake in shares of Elevation Oncology by 102.6% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 5,993,579 shares of the company’s stock worth $3,596,000 after buying an additional 3,035,000 shares during the last quarter. Finally, Sphera Funds Management LTD. increased its position in Elevation Oncology by 227.2% during the third quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock valued at $648,000 after acquiring an additional 749,762 shares during the last quarter. Institutional investors own 83.70% of the company’s stock.

Elevation Oncology Company Profile

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.