Elevation Oncology (NASDAQ:ELEV) Downgraded to Neutral Rating by Piper Sandler

Elevation Oncology (NASDAQ:ELEV) was downgraded by Piper Sandler from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Friday, Marketbeat.com reports. They currently have a $0.70 price objective on the stock, down from their previous price objective of $10.00. Piper Sandler’s target price indicates a potential upside of 133.26% from the company’s current price.

A number of other equities analysts have also weighed in on ELEV. Stephens reiterated an “overweight” rating and set a $5.00 target price on shares of Elevation Oncology in a research note on Friday, March 7th. William Blair reiterated an “outperform” rating and set a $5.00 target price on shares of Elevation Oncology in a research note on Friday, March 7th. JMP Securities restated a “market outperform” rating and set a $7.00 price objective on shares of Elevation Oncology in a research note on Thursday, December 19th. Finally, HC Wainwright cut their target price on Elevation Oncology from $6.00 to $1.00 and set a “buy” rating for the company in a research report on Friday. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $3.96.

Elevation Oncology Price Performance

Shares of NASDAQ ELEV opened at $0.30 on Friday. The firm has a market cap of $17.77 million, a P/E ratio of -0.37 and a beta of 1.37. 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 has a 1-year low of $0.24 and a 1-year high of $5.83. The business’s 50 day moving average is $0.59 and its 200-day moving average is $0.60.

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

Institutional Investors Weigh In On Elevation Oncology

Institutional investors and hedge funds have recently bought and sold shares of the company. Velan Capital Investment Management LP bought a new stake in Elevation Oncology during the fourth quarter worth about $25,000. Bank of America Corp DE lifted 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 worth $32,000 after purchasing an additional 16,962 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Elevation Oncology by 175.9% in the third quarter. JPMorgan Chase & Co. now owns 61,334 shares of the company’s stock worth $37,000 after acquiring an additional 39,101 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Elevation Oncology by 33.9% in the fourth quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock worth $35,000 after acquiring an additional 15,560 shares during the last quarter. Finally, Two Sigma Securities LLC bought a new position in shares of Elevation Oncology in the fourth quarter worth about $35,000. 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.