Wedbush Has Bearish Forecast for ELEV FY2024 Earnings

Elevation Oncology, Inc. (NASDAQ:ELEV) – Equities research analysts at Wedbush dropped their FY2024 earnings per share (EPS) estimates for shares of Elevation Oncology in a research note issued on Wednesday, November 6th. Wedbush analyst R. Driscoll now anticipates that the company will post earnings per share of ($0.86) for the year, down from their previous estimate of ($0.81). Wedbush currently has a “Outperform” rating and a $8.00 price objective on the stock. The consensus estimate for Elevation Oncology’s current full-year earnings is ($0.84) per share. Wedbush also issued estimates for Elevation Oncology’s Q4 2024 earnings at ($0.24) EPS, Q1 2025 earnings at ($0.27) EPS, Q2 2025 earnings at ($0.29) EPS, Q3 2025 earnings at ($0.19) EPS, Q4 2025 earnings at ($0.20) EPS, FY2025 earnings at ($0.91) EPS, FY2026 earnings at ($0.58) EPS, FY2027 earnings at ($0.61) EPS and FY2028 earnings at ($0.45) EPS.

Separately, HC Wainwright reiterated a “buy” rating and issued a $6.00 price objective on shares of Elevation Oncology in a research report on Wednesday, August 7th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $7.80.

Elevation Oncology Stock Performance

Shares of ELEV stock opened at $0.69 on Monday. 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 cap of $40.74 million, a price-to-earnings ratio of -0.82 and a beta of 1.24. The stock has a 50 day simple moving average of $0.58 and a 200-day simple moving average of $1.93.

Elevation Oncology (NASDAQ:ELEV) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.02).

Hedge Funds Weigh In On Elevation Oncology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Elevation Oncology by 30.8% during the 1st quarter. Vanguard Group Inc. now owns 1,532,045 shares of the company’s stock worth $7,859,000 after purchasing an additional 360,799 shares in the last quarter. SG Americas Securities LLC purchased a new position in Elevation Oncology during the first quarter worth $63,000. XTX Topco Ltd acquired a new position in shares of Elevation Oncology in the second quarter worth $103,000. Rhumbline Advisers acquired a new position in shares of Elevation Oncology in the second quarter worth $175,000. Finally, Frazier Life Sciences Management L.P. purchased a new stake in shares of Elevation Oncology in the second quarter valued at $7,988,000. Institutional investors and hedge funds own 83.70% of the company’s stock.

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.