HC Wainwright Cuts Elevation Oncology (NASDAQ:ELEV) Price Target to $1.00

Elevation Oncology (NASDAQ:ELEV) had its price objective decreased by HC Wainwright from $6.00 to $1.00 in a report issued on Friday,Benzinga reports. HC Wainwright currently has a buy rating on the stock. HC Wainwright also issued estimates for Elevation Oncology’s FY2029 earnings at ($0.40) EPS.

A number of other research firms have also recently issued reports on ELEV. JMP Securities reiterated a “market outperform” rating and issued a $7.00 target price on shares of Elevation Oncology in a research note on Thursday, December 19th. Stephens restated an “overweight” rating and issued a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, March 7th. Finally, William Blair restated an “outperform” rating and issued a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, March 7th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $3.96.

Elevation Oncology Stock Performance

ELEV stock opened at $0.30 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 17.77 and a current ratio of 17.77. The stock has a market cap of $17.77 million, a P/E ratio of -0.37 and a beta of 1.37. The firm has a 50 day simple moving average of $0.59 and a 200 day simple moving average of $0.60. Elevation Oncology has a 52 week low of $0.24 and a 52 week high of $5.83.

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

Hedge Funds Weigh In On Elevation Oncology

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

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.