Elevation Oncology (NASDAQ:ELEV) Price Target Cut to $1.00 by Analysts at HC Wainwright

Elevation Oncology (NASDAQ:ELEV) had its target price lowered by HC Wainwright from $6.00 to $1.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts have also issued reports on the stock. JMP Securities restated a “market outperform” rating and set a $7.00 target price on shares of Elevation Oncology in a research report on Thursday, December 19th. Stephens reiterated an “overweight” rating and set a $5.00 price target on shares of Elevation Oncology in a research report on Friday, March 7th. Finally, William Blair reiterated an “outperform” rating and set a $5.00 price target on shares of Elevation Oncology in a research report on Friday, March 7th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $3.96.

Elevation Oncology Stock Up 7.9 %

Elevation Oncology stock opened at $0.30 on Friday. The company’s 50-day moving average price is $0.59 and its two-hundred day moving average price is $0.60. Elevation Oncology has a twelve month low of $0.24 and a twelve month high of $5.83. The stock has a market cap of $17.77 million, a P/E ratio of -0.37 and a beta of 1.37. The company has a quick ratio of 17.77, a current ratio of 17.77 and a debt-to-equity ratio of 0.45.

Elevation Oncology (NASDAQ:ELEV) last announced its earnings results 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. As a group, analysts expect that Elevation Oncology will post -0.84 EPS for the current year.

Institutional Trading of Elevation Oncology

Hedge funds have recently added to or reduced their stakes in the stock. Velan Capital Investment Management LP acquired a new stake in Elevation Oncology in the fourth quarter valued at approximately $25,000. Bank of America Corp DE increased its stake in 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 in the last quarter. JPMorgan Chase & Co. increased its stake in Elevation Oncology by 175.9% in the third quarter. JPMorgan Chase & Co. now owns 61,334 shares of the company’s stock valued at $37,000 after purchasing an additional 39,101 shares in the last quarter. SG Americas Securities LLC increased its stake in Elevation Oncology by 33.9% in the fourth quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock valued at $35,000 after purchasing an additional 15,560 shares in the last quarter. Finally, Two Sigma Securities LLC bought a new stake in Elevation Oncology in the fourth quarter valued at $35,000. 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.