Elevation Oncology (NASDAQ:ELEV) Earns Equal Weight Rating from Stephens

Elevation Oncology (NASDAQ:ELEV)‘s stock had its “equal weight” rating reaffirmed by research analysts at Stephens in a report issued on Monday, Marketbeat Ratings reports. They presently have a $1.00 target price on the stock, down from their prior target price of $5.00. Stephens’ price target would indicate a potential upside of 253.23% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. William Blair restated an “outperform” rating and set a $5.00 price objective on shares of Elevation Oncology in a report on Friday, March 7th. Leerink Partners downgraded shares of Elevation Oncology from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $9.00 to $1.00 in a research report on Friday, March 21st. Piper Sandler downgraded shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $10.00 to $0.70 in a report on Friday, March 21st. Wedbush cut shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 20th. Finally, 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. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Elevation Oncology presently has an average rating of “Hold” and an average price target of $3.39.

Elevation Oncology Stock Down 2.4 %

Shares of NASDAQ ELEV opened at $0.28 on Monday. 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 firm has a market cap of $16.76 million, a PE ratio of -0.35 and a beta of 1.37. The company’s fifty day simple moving average is $0.58 and its 200 day simple moving average is $0.59. Elevation Oncology has a 12-month low of $0.24 and a 12-month high of $5.83.

Elevation Oncology (NASDAQ:ELEV) last released 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, sell-side analysts forecast that Elevation Oncology will post -0.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Elevation Oncology

Hedge funds have recently modified their holdings of the company. Velan Capital Investment Management LP purchased a new stake in shares of Elevation Oncology during the fourth quarter valued at approximately $25,000. Two Sigma Advisers LP increased its position in shares of Elevation Oncology by 47.8% during the 4th 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 during the last quarter. Stonepine Capital Management LLC bought a new stake in shares of Elevation Oncology during the 4th quarter worth $113,000. Millennium Management LLC raised its stake in shares of Elevation Oncology by 3.9% during the 4th quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock worth $459,000 after purchasing an additional 30,466 shares during the period. Finally, Deutsche Bank AG boosted its holdings in shares of Elevation Oncology by 550.5% in the 4th quarter. Deutsche Bank AG now owns 188,771 shares of the company’s stock worth $106,000 after buying an additional 159,751 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.