Elevation Oncology (NASDAQ:ELEV) Cut to Hold at Wedbush

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

Several other analysts also recently weighed in on ELEV. HC Wainwright cut their price target on Elevation Oncology from $6.00 to $1.00 and set a “buy” rating on the stock in a research note on Friday. William Blair reissued an “outperform” rating and issued a $5.00 target price on shares of Elevation Oncology in a research note on Friday, March 7th. Citizens Jmp lowered Elevation Oncology from an “outperform” rating to a “market perform” rating in a research report on Friday. Piper Sandler cut shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $10.00 to $0.70 in a research note on Friday. Finally, Stephens restated an “overweight” rating and set a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, March 7th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Elevation Oncology currently has an average rating of “Hold” and an average target price of $3.96.

Elevation Oncology Price Performance

ELEV opened at $0.30 on Thursday. The company has a current ratio of 17.77, a quick ratio of 17.77 and a debt-to-equity ratio of 0.45. The company has a market cap of $17.77 million, a price-to-earnings ratio of -0.37 and a beta of 1.37. The stock has a fifty day simple moving average of $0.59 and a two-hundred day simple moving average of $0.60. Elevation Oncology has a 12-month low of $0.24 and a 12-month high of $5.83.

Elevation Oncology (NASDAQ:ELEV) last issued its quarterly earnings results on Thursday, March 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.04. Research analysts predict that Elevation Oncology will post -0.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Elevation Oncology

A number of hedge funds have recently bought and sold shares of the business. Velan Capital Investment Management LP bought a new stake in shares of Elevation Oncology in the fourth quarter worth approximately $25,000. Bank of America Corp DE boosted its holdings in Elevation Oncology by 42.5% in the fourth quarter. Bank of America Corp DE now owns 56,839 shares of the company’s stock worth $32,000 after purchasing an additional 16,962 shares during the last quarter. SG Americas Securities LLC grew its position in Elevation Oncology by 33.9% in the 4th quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock worth $35,000 after purchasing an additional 15,560 shares during the period. Two Sigma Securities LLC purchased a new stake in Elevation Oncology during the 4th quarter valued at $35,000. Finally, Virtu Financial LLC purchased a new stake in Elevation Oncology during the 4th quarter valued at $36,000. Hedge funds and other 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.