Elevation Oncology (NASDAQ:ELEV) Stock Rating Lowered by Piper Sandler

Piper Sandler lowered shares of Elevation Oncology (NASDAQ:ELEV) from an overweight rating to a neutral rating in a research report report published on Friday, MarketBeat Ratings reports. They currently have $0.70 price target on the stock, down from their prior price target of $10.00.

Several other equities research analysts also recently commented on the stock. Stephens reissued an “overweight” rating and set a $5.00 target price on shares of Elevation Oncology in a research report on Friday, March 7th. JMP Securities restated a “market outperform” rating and set a $7.00 price target on shares of Elevation Oncology in a report on Thursday, December 19th. William Blair restated an “outperform” rating and set a $5.00 price target on shares of Elevation Oncology in a report on Friday, March 7th. Finally, HC Wainwright cut their price target on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating on the stock in a report on Friday. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $3.96.

Elevation Oncology Trading Up 7.9 %

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 50-day moving average of $0.59 and a 200-day moving average of $0.60. The company has a market cap of $17.77 million, a PE ratio of -0.37 and a beta of 1.37. Elevation Oncology has a one year low of $0.24 and a one year high of $5.83.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Frazier Life Sciences Management L.P. boosted its stake 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 valued at $3,596,000 after acquiring an additional 3,035,000 shares during the last quarter. Geode Capital Management LLC boosted its stake in Elevation Oncology by 4.3% in the fourth quarter. Geode Capital Management LLC now owns 1,157,572 shares of the company’s stock valued at $651,000 after acquiring an additional 47,487 shares during the last quarter. Sphera Funds Management LTD. boosted its stake 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 valued at $648,000 after acquiring an additional 749,762 shares during the last quarter. State Street Corp raised its position in shares of Elevation Oncology by 13.5% in the third quarter. State Street Corp now owns 1,018,026 shares of the company’s stock valued at $611,000 after purchasing an additional 120,993 shares during the period. Finally, Millennium Management LLC raised its position in shares of Elevation Oncology by 3.9% in the fourth quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock valued at $459,000 after purchasing an additional 30,466 shares during the period. 83.70% of the stock is currently owned by hedge funds and other institutional investors.

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.