Elevation Oncology (NASDAQ:ELEV) Cut to “Hold” at Leerink Partnrs

Leerink Partnrs cut shares of Elevation Oncology (NASDAQ:ELEV) from a strong-buy rating to a hold rating in a report published on Thursday morning,Zacks.com reports.

ELEV has been the subject of a number of other research reports. William Blair reaffirmed an “outperform” rating and set a $5.00 price target on shares of Elevation Oncology in a research report on Friday, March 7th. Leerink Partners downgraded Elevation Oncology from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $9.00 to $1.00 in a report on Friday. JMP Securities reiterated a “market outperform” rating and issued a $7.00 target price on shares of Elevation Oncology in a research report on Thursday, December 19th. HC Wainwright reduced their price target 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. Finally, Citizens Jmp downgraded shares of Elevation Oncology from an “outperform” rating to a “market perform” rating in a report on Friday. Five equities research 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, Elevation Oncology has a consensus rating of “Hold” and an average price target of $3.96.

Elevation Oncology Stock Performance

Shares of Elevation Oncology stock opened at $0.30 on Thursday. The company has a 50 day moving average price of $0.59 and a 200 day moving average price of $0.60. The firm 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 quick ratio of 17.77, a current ratio of 17.77 and a debt-to-equity ratio of 0.45. 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 results 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. Sell-side analysts expect that Elevation Oncology will post -0.84 EPS for the current year.

Institutional Investors Weigh In On Elevation Oncology

Hedge funds and other institutional investors have recently made changes to their positions in the company. GSA Capital Partners LLP purchased a new stake in Elevation Oncology during the third quarter worth $260,000. State Street Corp raised its position in shares of Elevation Oncology by 13.5% in the third quarter. State Street Corp now owns 1,018,026 shares of the company’s stock worth $611,000 after acquiring an additional 120,993 shares during the period. Sphera Funds Management LTD. boosted its stake in shares of Elevation Oncology by 227.2% during the 3rd 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 in the last quarter. Barclays PLC grew its position in shares of Elevation Oncology by 302.4% during the 3rd quarter. Barclays PLC now owns 72,077 shares of the company’s stock valued at $43,000 after acquiring an additional 54,167 shares during the period. Finally, Frazier Life Sciences Management L.P. increased its stake in shares of Elevation Oncology by 102.6% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 5,993,579 shares of the company’s stock valued at $3,596,000 after purchasing an additional 3,035,000 shares in the last quarter. Institutional investors and hedge funds 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.