Elevation Oncology, Inc. (NASDAQ:ELEV) Receives $6.83 Average PT from Brokerages

Elevation Oncology, Inc. (NASDAQ:ELEV) has been given an average recommendation of “Moderate Buy” by the eight analysts that are presently covering the company, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $3.96.

A number of analysts recently commented on the stock. Leerink Partners downgraded shares of Elevation Oncology from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $9.00 to $1.00 in a report on Friday. Piper Sandler downgraded shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $10.00 to $0.70 in a report on Friday. Stephens reiterated an “overweight” rating and issued a $5.00 target price on shares of Elevation Oncology in a report on Friday, March 7th. William Blair reiterated an “outperform” rating and issued a $5.00 target price on shares of Elevation Oncology in a report on Friday, March 7th. Finally, Citizens Jmp downgraded shares of Elevation Oncology from an “outperform” rating to a “market perform” rating in a report on Friday.

Elevation Oncology Stock Up 7.9 %

ELEV stock opened at $0.30 on Wednesday. Elevation Oncology has a 52 week low of $0.24 and a 52 week high of $5.83. The company has a market capitalization of $17.77 million, a price-to-earnings ratio of -0.37 and a beta of 1.37. The firm’s 50-day moving average is $0.59 and its two-hundred day moving average is $0.60. The company has a current ratio of 17.77, a quick ratio of 17.77 and a debt-to-equity ratio of 0.45.

Elevation Oncology (NASDAQ:ELEV) last released its quarterly earnings results on Thursday, March 6th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. On average, analysts forecast that Elevation Oncology will post -0.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Barclays PLC grew its position in Elevation Oncology by 21.5% during the fourth quarter. Barclays PLC now owns 87,608 shares of the company’s stock valued at $49,000 after purchasing an additional 15,531 shares in the last quarter. SG Americas Securities LLC grew its position in Elevation Oncology by 33.9% during the fourth quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock valued at $35,000 after purchasing an additional 15,560 shares in the last quarter. Bank of America Corp DE grew its position in Elevation Oncology by 42.5% during the fourth quarter. Bank of America Corp DE now owns 56,839 shares of the company’s stock valued at $32,000 after purchasing an additional 16,962 shares in the last quarter. Two Sigma Advisers LP grew its position in Elevation Oncology by 47.8% during the fourth quarter. Two Sigma Advisers LP now owns 84,400 shares of the company’s stock valued at $47,000 after purchasing an additional 27,300 shares in the last quarter. Finally, Millennium Management LLC grew its position in Elevation Oncology by 3.9% in the fourth quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock worth $459,000 after acquiring an additional 30,466 shares in the last quarter. 83.70% of the stock is owned by hedge funds and other institutional investors.

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.