Elevation Oncology (NASDAQ:ELEV) Lowered to Market Perform Rating by Citizens Jmp

Citizens Jmp cut shares of Elevation Oncology (NASDAQ:ELEV) from an outperform rating to a market perform rating in a report issued on Friday morning, MarketBeat reports.

A number of other equities analysts also recently issued reports on ELEV. Stephens reissued an “overweight” rating and issued a $5.00 price objective on shares of Elevation Oncology in a report on Friday, March 7th. William Blair reissued an “outperform” rating and issued a $5.00 price objective on shares of Elevation Oncology in a report on Friday, March 7th. JMP Securities reissued a “market outperform” rating and issued a $7.00 price objective on shares of Elevation Oncology in a report on Thursday, December 19th. Piper Sandler downgraded 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. Finally, HC Wainwright lowered their price target on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating on the stock in a report on Friday. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $3.96.

Elevation Oncology Stock Performance

Shares of NASDAQ ELEV opened at $0.30 on Friday. The company has a quick ratio of 17.77, a current ratio of 17.77 and a debt-to-equity ratio of 0.45. The company has a market cap of $17.77 million, a PE ratio of -0.37 and a beta of 1.37. The firm’s 50-day moving average price is $0.59 and its 200-day moving average price is $0.60. Elevation Oncology has a 52-week low of $0.24 and a 52-week high of $5.83.

Elevation Oncology (NASDAQ:ELEV) last posted its quarterly earnings data on Thursday, March 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. As a group, analysts anticipate that Elevation Oncology will post -0.84 EPS for the current year.

Hedge Funds Weigh In On Elevation Oncology

A number of hedge funds and other institutional investors have recently modified their holdings of ELEV. Frazier Life Sciences Management L.P. boosted its position in shares of Elevation Oncology by 102.6% during the third quarter. Frazier Life Sciences Management L.P. now owns 5,993,579 shares of the company’s stock worth $3,596,000 after acquiring an additional 3,035,000 shares during the last quarter. Sphera Funds Management LTD. boosted its position in shares of Elevation Oncology by 227.2% during the third quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock worth $648,000 after acquiring an additional 749,762 shares during the last quarter. GSA Capital Partners LLP bought a new position in shares of Elevation Oncology during the third quarter worth $260,000. Allostery Investments LP bought a new position in shares of Elevation Oncology during the fourth quarter worth $243,000. Finally, Stonepine Capital Management LLC bought a new position in shares of Elevation Oncology during the fourth quarter worth $113,000. 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.