Stephens Reaffirms “Equal Weight” Rating for Elevation Oncology (NASDAQ:ELEV)

Elevation Oncology (NASDAQ:ELEV)‘s stock had its “equal weight” rating reissued by equities researchers at Stephens in a research note issued on Monday, MarketBeat Ratings reports. They presently have a $1.00 target price on the stock, down from their prior target price of $5.00. Stephens’ price objective would suggest a potential upside of 253.23% from the company’s previous close.

A number of other analysts have also issued reports on the company. JMP Securities reiterated a “market outperform” rating and set a $7.00 price objective on shares of Elevation Oncology in a research note on Thursday, December 19th. Leerink Partners cut shares of Elevation Oncology from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $9.00 to $1.00 in a report on Friday, March 21st. HC Wainwright lowered their target price 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, March 21st. William Blair reaffirmed an “outperform” rating and set a $5.00 price target on shares of Elevation Oncology in a research note on Friday, March 7th. Finally, Citizens Jmp lowered Elevation Oncology from an “outperform” rating to a “market perform” rating in a research note on Friday, March 21st. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Elevation Oncology presently has a consensus rating of “Hold” and a consensus target price of $3.39.

Elevation Oncology Trading Down 2.4 %

Shares of ELEV opened at $0.28 on Monday. Elevation Oncology has a fifty-two week low of $0.24 and a fifty-two week high of $5.83. The business has a 50-day moving average of $0.58 and a 200 day moving average of $0.59. The firm has a market cap of $16.76 million, a P/E ratio of -0.35 and a beta of 1.37. The company has a debt-to-equity ratio of 0.45, a quick ratio of 17.77 and a current ratio of 17.77.

Elevation Oncology (NASDAQ:ELEV) last released its quarterly earnings data 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, research analysts forecast that Elevation Oncology will post -0.84 EPS for the current year.

Hedge Funds Weigh In On Elevation Oncology

Several institutional investors and hedge funds have recently bought and sold shares of ELEV. Velan Capital Investment Management LP bought a new stake in Elevation Oncology in the fourth quarter valued at approximately $25,000. Two Sigma Advisers LP increased its stake in shares of Elevation Oncology by 47.8% in the fourth quarter. Two Sigma Advisers LP now owns 84,400 shares of the company’s stock worth $47,000 after buying an additional 27,300 shares during the period. Stonepine Capital Management LLC bought a new stake in Elevation Oncology during the 4th quarter valued at $113,000. Millennium Management LLC boosted its position in Elevation Oncology by 3.9% during the 4th quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock valued at $459,000 after buying an additional 30,466 shares during the period. Finally, Deutsche Bank AG grew its holdings in Elevation Oncology by 550.5% in the 4th quarter. Deutsche Bank AG now owns 188,771 shares of the company’s stock worth $106,000 after acquiring an additional 159,751 shares during the last quarter. 83.70% of the stock is currently owned by 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.