Elevation Oncology (NASDAQ:ELEV) Rating Lowered to Market Perform at Leerink Partners

Elevation Oncology (NASDAQ:ELEV) was downgraded by research analysts at Leerink Partners from an “outperform” rating to a “market perform” rating in a note issued to investors on Friday, MarketBeat reports. They presently have a $1.00 price objective on the stock, down from their prior price objective of $9.00. Leerink Partners’ price target points to a potential upside of 233.22% from the company’s previous close.

ELEV has been the subject of several other research reports. Stephens restated an “overweight” rating and issued a $5.00 price target on shares of Elevation Oncology in a research note on Friday, March 7th. HC Wainwright decreased their price target on Elevation Oncology from $6.00 to $1.00 and set a “buy” rating for the company in a research note on Friday. William Blair restated an “outperform” rating and issued a $5.00 price target on shares of Elevation Oncology in a research note on Friday, March 7th. Piper Sandler cut Elevation Oncology from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $10.00 to $0.70 in a research note on Friday. Finally, Citizens Jmp cut Elevation Oncology from an “outperform” rating to a “market perform” rating in a research note on Friday. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $3.96.

Elevation Oncology Stock Up 7.9 %

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

Elevation Oncology (NASDAQ:ELEV) last announced its quarterly earnings data on Thursday, March 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. On average, research analysts anticipate that Elevation Oncology will post -0.84 earnings per share for the current fiscal year.

Institutional Trading of Elevation Oncology

Several large investors have recently modified their holdings of ELEV. Frazier Life Sciences Management L.P. grew its holdings in shares of Elevation Oncology by 102.6% in the third quarter. Frazier Life Sciences Management L.P. now owns 5,993,579 shares of the company’s stock worth $3,596,000 after acquiring an additional 3,035,000 shares during the period. Sphera Funds Management LTD. grew its holdings in Elevation Oncology by 227.2% during the third quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock valued at $648,000 after purchasing an additional 749,762 shares during the period. GSA Capital Partners LLP bought a new stake in Elevation Oncology during the third quarter valued at about $260,000. Allostery Investments LP bought a new stake in Elevation Oncology during the fourth quarter valued at about $243,000. Finally, Stonepine Capital Management LLC bought a new stake in Elevation Oncology during the fourth quarter valued at about $113,000. 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.