Wedbush Research Analysts Increase Earnings Estimates for Elevation Oncology, Inc. (NASDAQ:ELEV)

Elevation Oncology, Inc. (NASDAQ:ELEV) – Stock analysts at Wedbush lifted their Q3 2024 EPS estimates for shares of Elevation Oncology in a report issued on Tuesday, August 6th. Wedbush analyst R. Driscoll now expects that the company will post earnings of ($0.20) per share for the quarter, up from their prior estimate of ($0.22). Wedbush currently has a “Outperform” rating and a $8.00 target price on the stock. The consensus estimate for Elevation Oncology’s current full-year earnings is ($0.92) per share. Wedbush also issued estimates for Elevation Oncology’s Q4 2024 earnings at ($0.21) EPS, FY2024 earnings at ($0.81) EPS, Q1 2025 earnings at ($0.16) EPS, Q2 2025 earnings at ($0.15) EPS, Q3 2025 earnings at ($0.16) EPS, Q4 2025 earnings at ($0.17) EPS and FY2025 earnings at ($0.64) EPS.

Elevation Oncology (NASDAQ:ELEV) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.05.

A number of other equities analysts have also recently issued reports on ELEV. HC Wainwright restated a “buy” rating and issued a $6.00 price objective on shares of Elevation Oncology in a research report on Wednesday. JMP Securities reaffirmed a “market outperform” rating and set a $7.00 price target on shares of Elevation Oncology in a research report on Monday, July 15th. Stephens initiated coverage on Elevation Oncology in a research report on Tuesday, May 14th. They issued an “overweight” rating and a $8.00 price objective on the stock. Finally, Piper Sandler began coverage on Elevation Oncology in a report on Friday, May 31st. They set an “overweight” rating and a $10.00 target price for the company. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $7.80.

Elevation Oncology Price Performance

ELEV opened at $0.78 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 46.22 and a quick ratio of 46.22. The stock’s 50 day simple moving average is $2.71 and its 200 day simple moving average is $3.45. The firm has a market cap of $42.48 million, a price-to-earnings ratio of -0.75 and a beta of 1.38. Elevation Oncology has a 1 year low of $0.36 and a 1 year high of $5.83.

Institutional Trading of Elevation Oncology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new stake in Elevation Oncology during the 1st quarter valued at about $63,000. American Century Companies Inc. increased its position in shares of Elevation Oncology by 55.7% during the second quarter. American Century Companies Inc. now owns 49,222 shares of the company’s stock valued at $133,000 after acquiring an additional 17,602 shares in the last quarter. Rhumbline Advisers purchased a new position in Elevation Oncology in the 2nd quarter worth approximately $175,000. Bank of New York Mellon Corp bought a new position in Elevation Oncology in the 2nd quarter valued at approximately $415,000. Finally, Affinity Asset Advisors LLC purchased a new stake in Elevation Oncology during the 1st quarter valued at $6,509,000. Hedge funds and other institutional investors 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.