HC Wainwright Issues Pessimistic Forecast for ELEV Earnings

Elevation Oncology, Inc. (NASDAQ:ELEV) – Investment analysts at HC Wainwright reduced their FY2024 earnings estimates for shares of Elevation Oncology in a note issued to investors on Thursday, November 7th. HC Wainwright analyst S. Ramakanth now expects that the company will post earnings per share of ($0.85) for the year, down from their previous forecast of ($0.81). HC Wainwright currently has a “Buy” rating and a $6.00 target price on the stock. The consensus estimate for Elevation Oncology’s current full-year earnings is ($0.84) per share. HC Wainwright also issued estimates for Elevation Oncology’s Q4 2024 earnings at ($0.23) EPS, Q1 2025 earnings at ($0.23) EPS, Q2 2025 earnings at ($0.23) EPS, Q3 2025 earnings at ($0.24) EPS, Q4 2025 earnings at ($0.24) EPS, FY2025 earnings at ($0.94) EPS, FY2026 earnings at ($0.89) EPS, FY2027 earnings at ($0.87) EPS and FY2028 earnings at ($0.88) EPS.

A number of other equities research analysts have also issued reports on the stock. Wedbush reaffirmed an “outperform” rating and set a $8.00 price objective on shares of Elevation Oncology in a report on Tuesday, August 6th. JMP Securities reaffirmed a “market outperform” rating and set a $7.00 target price on shares of Elevation Oncology in a research note on Monday, July 15th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $7.80.

Elevation Oncology Stock Up 3.1 %

Shares of ELEV opened at $0.67 on Monday. The business’s 50 day moving average is $0.58 and its 200 day moving average is $1.93. The company has a current ratio of 17.77, a quick ratio of 41.10 and a debt-to-equity ratio of 0.45. Elevation Oncology has a 12-month low of $0.36 and a 12-month high of $5.83. The company has a market capitalization of $39.61 million, a PE ratio of -0.82 and a beta of 1.24.

Elevation Oncology (NASDAQ:ELEV) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.02).

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ELEV. SG Americas Securities LLC bought a new stake in Elevation Oncology in the third quarter worth $28,000. XTX Topco Ltd bought a new stake in shares of Elevation Oncology in the 2nd quarter worth about $103,000. American Century Companies Inc. raised its position in shares of Elevation Oncology by 55.7% during the 2nd quarter. American Century Companies Inc. now owns 49,222 shares of the company’s stock valued at $133,000 after buying an additional 17,602 shares in the last quarter. Rhumbline Advisers bought a new position in shares of Elevation Oncology in the 2nd quarter valued at about $175,000. Finally, GSA Capital Partners LLP purchased a new position in Elevation Oncology in the third quarter worth about $260,000. 83.70% of the stock is currently owned by 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.