Elevation Oncology (NASDAQ:ELEV) Lowered to Hold Rating by Wedbush

Wedbush lowered shares of Elevation Oncology (NASDAQ:ELEV) from a strong-buy rating to a hold rating in a research note issued to investors on Thursday morning,Zacks.com reports.

A number of other research firms also recently weighed in on ELEV. William Blair reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Elevation Oncology in a research report on Friday, March 7th. Piper Sandler downgraded Elevation Oncology from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $10.00 to $0.70 in a research report on Friday. JMP Securities reissued a “market outperform” rating and set a $7.00 price target on shares of Elevation Oncology in a research report on Thursday, December 19th. Leerink Partners lowered Elevation Oncology from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $9.00 to $1.00 in a research report on Friday. Finally, HC Wainwright dropped their price objective on Elevation Oncology from $6.00 to $1.00 and set a “buy” rating on the stock in a research note on Friday. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Elevation Oncology has a consensus rating of “Hold” and a consensus price target of $3.96.

Elevation Oncology Stock Performance

ELEV opened at $0.30 on Thursday. The company has a market capitalization of $17.77 million, a price-to-earnings ratio of -0.37 and a beta of 1.37. The business’s 50-day moving average price is $0.59 and its two-hundred 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. The company has a debt-to-equity ratio of 0.45, a current ratio of 17.77 and a quick ratio of 17.77.

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

Hedge Funds Weigh In On Elevation Oncology

Several institutional investors and hedge funds have recently modified their holdings of ELEV. Velan Capital Investment Management LP bought a new stake in shares of Elevation Oncology during the 4th quarter worth about $25,000. Bank of America Corp DE grew its position in shares of Elevation Oncology by 42.5% in the fourth quarter. Bank of America Corp DE now owns 56,839 shares of the company’s stock valued at $32,000 after purchasing an additional 16,962 shares during the last quarter. JPMorgan Chase & Co. grew its holdings 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. SG Americas Securities LLC increased its position in 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 buying an additional 15,560 shares during the period. Finally, Two Sigma Securities LLC bought a new stake in shares of Elevation Oncology in the fourth quarter valued at about $35,000. 83.70% of the stock is currently owned by institutional investors and hedge funds.

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.