HC Wainwright Lowers Elevation Oncology (NASDAQ:ELEV) Price Target to $1.00

Elevation Oncology (NASDAQ:ELEV) had its price target reduced by HC Wainwright from $6.00 to $1.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price target points to a potential upside of 233.22% from the stock’s current price. HC Wainwright also issued estimates for Elevation Oncology’s FY2029 earnings at ($0.40) EPS.

Several other research analysts also recently weighed in on ELEV. Stephens reissued an “overweight” rating and issued a $5.00 target price on shares of Elevation Oncology in a research report on Friday, March 7th. JMP Securities reissued a “market outperform” rating and issued a $7.00 target price on shares of Elevation Oncology in a research report on Thursday, December 19th. Finally, William Blair reissued an “outperform” rating and issued a $5.00 target price on shares of Elevation Oncology in a research report on Friday, March 7th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $3.96.

Elevation Oncology Stock Up 7.9 %

NASDAQ ELEV opened at $0.30 on Friday. The company’s 50 day simple moving average is $0.59 and its 200 day simple moving average is $0.60. The company 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 debt-to-equity ratio of 0.45, a current ratio of 17.77 and a quick ratio of 17.77. Elevation Oncology has a 12 month low of $0.24 and a 12 month high of $5.83.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ELEV. Frazier Life Sciences Management L.P. grew its position in 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 in the last quarter. Geode Capital Management LLC lifted its stake in shares of Elevation Oncology by 4.3% in the 4th quarter. Geode Capital Management LLC now owns 1,157,572 shares of the company’s stock valued at $651,000 after purchasing an additional 47,487 shares during the last quarter. Sphera Funds Management LTD. boosted its holdings in Elevation Oncology by 227.2% in the third quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock worth $648,000 after purchasing an additional 749,762 shares in the last quarter. State Street Corp boosted its holdings in 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 purchasing an additional 120,993 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in Elevation Oncology by 3.9% in the fourth quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock worth $459,000 after purchasing an additional 30,466 shares in the last quarter. 83.70% of the stock is owned by hedge funds and other 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.