Elevation Oncology (NASDAQ:ELEV) Lowered to “Hold” Rating by Leerink Partnrs

Elevation Oncology (NASDAQ:ELEV) was downgraded by Leerink Partnrs from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

A number of other analysts also recently weighed in on the company. Leerink Partners downgraded Elevation Oncology from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $9.00 to $1.00 in a report on Friday. William Blair restated an “outperform” rating and set a $5.00 price objective on shares of Elevation Oncology in a research report on Friday, March 7th. JMP Securities reiterated a “market outperform” rating and issued a $7.00 target price on shares of Elevation Oncology in a report on Thursday, December 19th. HC Wainwright lowered their price target on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating for the company in a report on Friday. Finally, Stephens restated an “overweight” rating and issued a $5.00 price target on shares of Elevation Oncology in a research report on Friday, March 7th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $3.96.

Elevation Oncology Stock Performance

NASDAQ:ELEV opened at $0.30 on Thursday. The stock’s 50-day moving average is $0.59 and its 200-day moving average is $0.60. Elevation Oncology has a 1-year low of $0.24 and a 1-year high of $5.83. 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 stock has a market cap of $17.77 million, a P/E ratio of -0.37 and a beta of 1.37.

Elevation Oncology (NASDAQ:ELEV) last posted its earnings results 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. Equities research analysts anticipate that Elevation Oncology will post -0.84 earnings per share for the current year.

Institutional Trading of Elevation Oncology

Several large investors have recently modified their holdings of the stock. Barclays PLC grew its holdings in Elevation Oncology by 302.4% in the third quarter. Barclays PLC now owns 72,077 shares of the company’s stock worth $43,000 after purchasing an additional 54,167 shares during the period. SG Americas Securities LLC boosted its position in shares of Elevation Oncology by 33.9% during the 4th 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 in the last quarter. Geode Capital Management LLC grew its stake in shares of Elevation Oncology by 7.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,110,085 shares of the company’s stock valued at $666,000 after buying an additional 78,509 shares during the period. JPMorgan Chase & Co. increased its position in Elevation Oncology by 175.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 61,334 shares of the company’s stock valued at $37,000 after buying an additional 39,101 shares in the last quarter. Finally, State Street Corp raised its stake in Elevation Oncology by 13.5% during the 3rd quarter. State Street Corp now owns 1,018,026 shares of the company’s stock worth $611,000 after buying an additional 120,993 shares during the period. Institutional investors and hedge funds own 83.70% of the company’s stock.

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.