Analysts Issue Forecasts for ELEV FY2029 Earnings

Elevation Oncology, Inc. (NASDAQ:ELEV) – Investment analysts at HC Wainwright issued their FY2029 earnings per share estimates for shares of Elevation Oncology in a research report issued to clients and investors on Friday, March 21st. HC Wainwright analyst S. Ramakanth forecasts that the company will post earnings per share of ($0.40) for the year. HC Wainwright has a “Buy” rating and a $1.00 price target on the stock. The consensus estimate for Elevation Oncology’s current full-year earnings is ($0.84) per share.

Elevation Oncology (NASDAQ:ELEV) last posted its quarterly earnings data on Thursday, March 6th. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04.

ELEV has been the subject of several other reports. William Blair reissued an “outperform” rating and set a $5.00 price target on shares of Elevation Oncology in a report on Friday, March 7th. Piper Sandler downgraded Elevation Oncology from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $10.00 to $0.70 in a research note on Friday. JMP Securities reaffirmed a “market outperform” rating and set a $7.00 price objective on shares of Elevation Oncology in a report on Thursday, December 19th. Leerink Partners lowered shares of Elevation Oncology from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $9.00 to $1.00 in a research report on Friday. Finally, Citizens Jmp cut shares of Elevation Oncology from an “outperform” rating to a “market perform” rating in a research note on Friday. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $3.39.

Elevation Oncology Stock Performance

NASDAQ:ELEV opened at $0.29 on Monday. 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 firm has a market cap of $17.17 million, a price-to-earnings ratio of -0.35 and a beta of 1.37. The firm’s fifty day moving average price is $0.59 and its 200 day moving average price is $0.60. Elevation Oncology has a 1-year low of $0.24 and a 1-year high of $5.83.

Hedge Funds Weigh In On Elevation Oncology

Large investors have recently added to or reduced their stakes in the business. Frazier Life Sciences Management L.P. grew its holdings in shares of Elevation Oncology by 102.6% during the 3rd 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 during the period. Geode Capital Management LLC boosted its position in Elevation Oncology by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 1,157,572 shares of the company’s stock worth $651,000 after purchasing an additional 47,487 shares during the period. Sphera Funds Management LTD. raised its position in Elevation Oncology by 227.2% in the third quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock valued at $648,000 after purchasing an additional 749,762 shares during the period. State Street Corp lifted its stake in shares of Elevation Oncology by 13.5% during the third quarter. State Street Corp now owns 1,018,026 shares of the company’s stock worth $611,000 after purchasing an additional 120,993 shares in the last quarter. Finally, Millennium Management LLC grew its stake in shares of Elevation Oncology by 3.9% in the fourth quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock valued at $459,000 after buying an additional 30,466 shares in the last quarter. 83.70% of the stock is currently 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.