Elevation Oncology (NASDAQ:ELEV) Cut to Market Perform at Leerink Partners

Leerink Partners cut shares of Elevation Oncology (NASDAQ:ELEV) from an outperform rating to a market perform rating in a research report report published on Friday, Marketbeat Ratings reports. The firm currently has $1.00 price target on the stock, down from their prior price target of $9.00.

A number of other analysts have also recently weighed in on the stock. Piper Sandler cut shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $10.00 to $0.70 in a report on Friday. JMP Securities restated a “market outperform” rating and issued a $7.00 price target on shares of Elevation Oncology in a report on Thursday, December 19th. Citizens Jmp cut shares of Elevation Oncology from an “outperform” rating to a “market perform” rating in a report on Friday. Stephens reaffirmed an “overweight” rating and issued a $5.00 price objective on shares of Elevation Oncology in a research report on Friday, March 7th. Finally, HC Wainwright decreased their price objective on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating for the company in a research report on Friday. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Elevation Oncology has a consensus rating of “Hold” and a consensus price target of $3.96.

Elevation Oncology Stock Up 7.9 %

NASDAQ:ELEV opened at $0.30 on Friday. Elevation Oncology has a fifty-two week low of $0.24 and a fifty-two week high of $5.83. The stock has a market capitalization of $17.77 million, a P/E ratio of -0.37 and a beta of 1.37. The company has a debt-to-equity ratio of 0.45, a quick ratio of 17.77 and a current ratio of 17.77. The company’s 50-day simple moving average is $0.59 and its 200-day simple moving average is $0.60.

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

Hedge Funds Weigh In On Elevation Oncology

Institutional investors have recently bought and sold shares of the business. Barclays PLC raised its position in Elevation Oncology by 302.4% during the 3rd quarter. Barclays PLC now owns 72,077 shares of the company’s stock worth $43,000 after buying an additional 54,167 shares during the last quarter. SG Americas Securities LLC raised its position in Elevation Oncology by 33.9% during the 4th quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock worth $35,000 after buying an additional 15,560 shares during the last quarter. Geode Capital Management LLC raised its position in Elevation Oncology by 7.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,110,085 shares of the company’s stock worth $666,000 after buying an additional 78,509 shares during the last quarter. JPMorgan Chase & Co. raised its position in Elevation Oncology by 175.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 61,334 shares of the company’s stock worth $37,000 after buying an additional 39,101 shares during the last quarter. Finally, State Street Corp raised its position in Elevation Oncology by 13.5% during the 3rd quarter. State Street Corp now owns 1,018,026 shares of the company’s stock worth $611,000 after buying an additional 120,993 shares during the last quarter. 83.70% of the stock is owned by hedge funds and other institutional investors.

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.