Elevation Oncology (NASDAQ:ELEV) Stock Rating Lowered by Wedbush

Wedbush downgraded shares of Elevation Oncology (NASDAQ:ELEV) from a strong-buy rating to a hold rating in a research report report published on Thursday,Zacks.com reports.

ELEV has been the topic of a number of other reports. Leerink Partners cut Elevation Oncology from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $9.00 to $1.00 in a research report on Friday. HC Wainwright dropped their price target on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating for the company in a research report on Friday. William Blair reissued an “outperform” rating and issued a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, March 7th. Citizens Jmp cut shares of Elevation Oncology from an “outperform” rating to a “market perform” rating in a research note on Friday. Finally, JMP Securities reiterated a “market outperform” rating and issued a $7.00 price target on shares of Elevation Oncology in a research note on Thursday, December 19th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $3.96.

Elevation Oncology Trading Up 7.9 %

Shares of Elevation Oncology stock opened at $0.30 on Thursday. Elevation Oncology has a 1-year low of $0.24 and a 1-year high of $5.83. The company’s fifty day simple moving average is $0.59 and its 200-day simple moving average is $0.60. 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 stock has a market capitalization of $17.77 million, a PE ratio of -0.37 and a beta of 1.37.

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

Hedge Funds Weigh In On Elevation Oncology

Several institutional investors have recently bought and sold shares of ELEV. Velan Capital Investment Management LP purchased a new stake in Elevation Oncology in the 4th quarter worth $25,000. Bank of America Corp DE grew its position in shares of Elevation Oncology by 42.5% during the fourth quarter. Bank of America Corp DE now owns 56,839 shares of the company’s stock valued at $32,000 after purchasing an additional 16,962 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Elevation Oncology by 33.9% in the fourth quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock worth $35,000 after purchasing an additional 15,560 shares during the last quarter. Two Sigma Securities LLC purchased a new stake in shares of Elevation Oncology in the fourth quarter worth about $35,000. Finally, Virtu Financial LLC bought a new position in Elevation Oncology during the fourth quarter valued at approximately $36,000. 83.70% of the stock is 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.