Elevation Oncology, Inc. (NASDAQ:ELEV) Receives $6.83 Average Target Price from Analysts

Shares of Elevation Oncology, Inc. (NASDAQ:ELEV) have received a consensus recommendation of “Hold” from the nine ratings firms that are covering the firm, Marketbeat reports. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $3.96.

ELEV has been the topic of several recent research reports. HC Wainwright lowered their price objective on Elevation Oncology from $6.00 to $1.00 and set a “buy” rating on the stock in a research report on Friday. JMP Securities reaffirmed a “market outperform” rating and issued a $7.00 price objective on shares of Elevation Oncology in a research note on Thursday, December 19th. Leerink Partners lowered Elevation Oncology from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $9.00 to $1.00 in a research note on Friday. William Blair reissued an “outperform” rating and set a $5.00 price target on shares of Elevation Oncology in a research note on Friday, March 7th. Finally, Piper Sandler lowered Elevation Oncology from an “overweight” rating to a “neutral” rating and cut their price target for the company from $10.00 to $0.70 in a research note on Friday.

Institutional Investors Weigh In On Elevation Oncology

A number of hedge funds have recently added to or reduced their stakes in ELEV. Frazier Life Sciences Management L.P. increased its holdings in Elevation Oncology by 102.6% in the third quarter. Frazier Life Sciences Management L.P. now owns 5,993,579 shares of the company’s stock worth $3,596,000 after purchasing an additional 3,035,000 shares in the last quarter. Sphera Funds Management LTD. boosted its position in shares of Elevation Oncology by 227.2% during the third quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock valued at $648,000 after buying an additional 749,762 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Elevation Oncology during the third quarter valued at approximately $260,000. Allostery Investments LP purchased a new position in Elevation Oncology in the fourth quarter worth $243,000. Finally, Stonepine Capital Management LLC purchased a new position in Elevation Oncology in the fourth quarter worth $113,000. 83.70% of the stock is currently owned by institutional investors.

Elevation Oncology Trading Up 7.9 %

NASDAQ ELEV opened at $0.30 on Wednesday. Elevation Oncology has a 12 month low of $0.24 and a 12 month high of $5.83. The stock has a 50 day moving average of $0.59 and a 200-day moving average of $0.60. The company has a current ratio of 17.77, a quick ratio of 17.77 and a debt-to-equity ratio of 0.45. The company has a market cap of $17.77 million, a PE ratio of -0.37 and a beta of 1.37.

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

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.