HC Wainwright Expects Lower Earnings for Elevation Oncology

Elevation Oncology, Inc. (NASDAQ:ELEV) – Research analysts at HC Wainwright reduced their FY2024 EPS estimates for Elevation Oncology in a research note issued to investors on Thursday, November 7th. HC Wainwright analyst S. Ramakanth now expects that the company will post earnings of ($0.85) per share for the year, down from their prior estimate of ($0.81). HC Wainwright currently has a “Buy” rating and a $6.00 target price on the stock. The consensus estimate for Elevation Oncology’s current full-year earnings is ($0.84) per share. HC Wainwright also issued estimates for Elevation Oncology’s Q4 2024 earnings at ($0.23) EPS, Q1 2025 earnings at ($0.23) EPS, Q2 2025 earnings at ($0.23) EPS, Q3 2025 earnings at ($0.24) EPS, Q4 2025 earnings at ($0.24) EPS, FY2025 earnings at ($0.94) EPS, FY2026 earnings at ($0.89) EPS, FY2027 earnings at ($0.87) EPS and FY2028 earnings at ($0.88) EPS.

Elevation Oncology (NASDAQ:ELEV) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.02).

Separately, Wedbush reissued an “outperform” rating and issued a $8.00 price objective on shares of Elevation Oncology in a research report on Tuesday, August 6th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Elevation Oncology presently has an average rating of “Buy” and a consensus price target of $7.80.

Elevation Oncology Price Performance

Shares of NASDAQ:ELEV opened at $0.69 on Monday. The company has a market cap of $40.74 million, a price-to-earnings ratio of -0.82 and a beta of 1.24. The business has a 50 day moving average price of $0.58 and a 200 day moving average price of $1.93. The company has a quick ratio of 41.10, a current ratio of 17.77 and a debt-to-equity ratio of 0.45. Elevation Oncology has a twelve month low of $0.36 and a twelve month high of $5.83.

Institutional Investors Weigh In On Elevation Oncology

Institutional investors have recently added to or reduced their stakes in the company. Farallon Capital Management LLC acquired a new position in Elevation Oncology in the 1st quarter valued at approximately $19,939,000. Frazier Life Sciences Management L.P. bought a new stake in shares of Elevation Oncology during the second quarter valued at approximately $7,988,000. Logos Global Management LP raised its stake in shares of Elevation Oncology by 285.0% in the second quarter. Logos Global Management LP now owns 3,850,000 shares of the company’s stock valued at $10,395,000 after purchasing an additional 2,850,000 shares in the last quarter. Darwin Global Management Ltd. bought a new position in Elevation Oncology in the first quarter worth $11,968,000. Finally, Artal Group S.A. acquired a new stake in Elevation Oncology during the first quarter worth $7,762,000. 83.70% of the stock is owned by institutional investors and hedge funds.

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.