Elevation Oncology (NASDAQ:ELEV) Given “Equal Weight” Rating at Stephens

Stephens restated their equal weight rating on shares of Elevation Oncology (NASDAQ:ELEV) in a research report sent to investors on Monday morning, Marketbeat Ratings reports. They currently have a $1.00 price target on the stock, down from their prior price target of $5.00.

ELEV has been the topic of several other research reports. JMP Securities reiterated a “market outperform” rating and set a $7.00 price target on shares of Elevation Oncology in a report on Thursday, December 19th. Wedbush downgraded shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 20th. HC Wainwright cut their target price 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. Piper Sandler downgraded Elevation Oncology from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $10.00 to $0.70 in a research report on Friday. Finally, Leerink Partnrs cut Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 20th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $3.39.

Elevation Oncology Stock Down 3.4 %

ELEV stock opened at $0.29 on Monday. The firm has a market cap of $17.17 million, a PE ratio of -0.35 and a beta of 1.37. Elevation Oncology has a 1 year low of $0.24 and a 1 year high of $5.83. The company has a fifty day simple moving average of $0.59 and a 200 day simple moving average of $0.60. 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 results on Thursday, March 6th. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. Sell-side analysts anticipate that Elevation Oncology will post -0.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Elevation Oncology

A number of institutional investors have recently added to or reduced their stakes in ELEV. Velan Capital Investment Management LP bought a new stake in shares of Elevation Oncology in the 4th quarter worth approximately $25,000. Bank of America Corp DE raised its stake in shares of Elevation Oncology by 42.5% in the fourth quarter. Bank of America Corp DE now owns 56,839 shares of the company’s stock valued at $32,000 after purchasing an additional 16,962 shares in the last quarter. Two Sigma Securities LLC bought a new position in Elevation Oncology in the fourth quarter worth $35,000. SG Americas Securities LLC boosted its stake in Elevation Oncology by 33.9% during the fourth quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock worth $35,000 after buying an additional 15,560 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in Elevation Oncology in the 4th quarter valued at $36,000. 83.70% of the stock is owned by institutional investors and hedge funds.

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.