Elevation Oncology (NASDAQ:ELEV) Rating Lowered to “Market Perform” at Citizens Jmp

Elevation Oncology (NASDAQ:ELEV) was downgraded by equities researchers at Citizens Jmp from an “outperform” rating to a “market perform” rating in a note issued to investors on Friday, MarketBeat.com reports.

A number of other equities analysts have also recently issued reports on ELEV. JMP Securities reiterated a “market outperform” rating and issued a $7.00 target price on shares of Elevation Oncology in a report on Thursday, December 19th. Piper Sandler cut Elevation Oncology from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $10.00 to $0.70 in a report on Friday. HC Wainwright cut their target price on Elevation Oncology from $6.00 to $1.00 and set a “buy” rating on the stock in a report on Friday. 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. Finally, William Blair reiterated an “outperform” rating and issued a $5.00 target price on shares of Elevation Oncology in a research note on Friday, March 7th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $3.96.

Elevation Oncology Stock Performance

Shares of ELEV stock opened at $0.30 on Friday. Elevation Oncology has a 52 week low of $0.24 and a 52 week high of $5.83. The firm has a 50 day moving average of $0.59 and a 200-day moving average of $0.60. 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 price-to-earnings ratio of -0.37 and a beta of 1.37.

Elevation Oncology (NASDAQ:ELEV) last issued its 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. On average, equities analysts forecast that Elevation Oncology will post -0.84 earnings per share for the current year.

Institutional Investors Weigh In On Elevation Oncology

A number of institutional investors have recently added to or reduced their stakes in the company. Velan Capital Investment Management LP bought a new stake in Elevation Oncology in the 4th quarter worth about $25,000. Two Sigma Advisers LP grew its position in Elevation Oncology by 47.8% in the 4th quarter. Two Sigma Advisers LP now owns 84,400 shares of the company’s stock worth $47,000 after purchasing an additional 27,300 shares in the last quarter. Stonepine Capital Management LLC bought a new stake in Elevation Oncology in the 4th quarter worth about $113,000. Millennium Management LLC grew its position 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 valued at $459,000 after acquiring an additional 30,466 shares during the period. Finally, Deutsche Bank AG grew its position in shares of Elevation Oncology by 550.5% during the 4th quarter. Deutsche Bank AG now owns 188,771 shares of the company’s stock valued at $106,000 after acquiring an additional 159,751 shares during the period. 83.70% of the stock is owned by institutional investors.

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.