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

Leerink Partners cut shares of Elevation Oncology (NASDAQ:ELEV) from an outperform rating to a market perform rating in a research note issued to investors on Friday morning, MarketBeat reports. They currently have $1.00 target price on the stock, down from their prior target price of $9.00.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler cut shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $10.00 to $0.70 in a research note on Friday. Citizens Jmp cut shares of Elevation Oncology from an “outperform” rating to a “market perform” rating in a research note on Friday. Stephens reissued an “overweight” rating and issued a $5.00 price target on shares of Elevation Oncology in a research note on Friday, March 7th. William Blair reissued an “outperform” rating and issued a $5.00 price target on shares of Elevation Oncology in a research note on Friday, March 7th. Finally, HC Wainwright dropped their price target on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating on the stock 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 stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $3.96.

Elevation Oncology Price Performance

NASDAQ:ELEV opened at $0.30 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 17.77 and a quick ratio of 17.77. The firm has a market cap of $17.77 million, a price-to-earnings ratio of -0.37 and a beta of 1.37. The company has a 50 day moving average price of $0.59 and a 200-day moving average price of $0.60. Elevation Oncology has a 1-year low of $0.24 and a 1-year high of $5.83.

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

Institutional Investors Weigh In On Elevation Oncology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Velan Capital Investment Management LP purchased a new position in shares of Elevation Oncology during the 4th quarter worth $25,000. Bank of America Corp DE raised its holdings in shares of Elevation Oncology by 42.5% during the 4th quarter. Bank of America Corp DE now owns 56,839 shares of the company’s stock worth $32,000 after acquiring an additional 16,962 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Elevation Oncology by 175.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 61,334 shares of the company’s stock worth $37,000 after acquiring an additional 39,101 shares during the period. SG Americas Securities LLC raised its holdings in shares of Elevation Oncology by 33.9% during the 4th quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock worth $35,000 after acquiring an additional 15,560 shares during the period. Finally, Two Sigma Securities LLC purchased a new position in shares of Elevation Oncology during the 4th quarter worth $35,000. Institutional investors and hedge funds own 83.70% of the company’s stock.

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.