Elevation Oncology, Inc. (NASDAQ:ELEV) Receives Average Recommendation of “Hold” from Brokerages

Shares of Elevation Oncology, Inc. (NASDAQ:ELEV) have been given an average rating of “Hold” by the nine analysts that are covering the company, MarketBeat reports. Six analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $3.39.

Several research analysts have commented on ELEV shares. Piper Sandler lowered shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $10.00 to $0.70 in a research note on Friday, March 21st. Citizens Jmp downgraded shares of Elevation Oncology from an “outperform” rating to a “market perform” rating in a research note on Friday, March 21st. Leerink Partners downgraded Elevation Oncology from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $9.00 to $1.00 in a report on Friday, March 21st. HC Wainwright reduced their target price on Elevation Oncology from $6.00 to $1.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. Finally, Wedbush cut shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 20th.

Institutional Trading of Elevation Oncology

Several hedge funds have recently modified their holdings of ELEV. Velan Capital Investment Management LP purchased a new stake in Elevation Oncology during the fourth quarter valued at approximately $25,000. Two Sigma Advisers LP boosted its position in shares of Elevation Oncology by 47.8% in the 4th quarter. Two Sigma Advisers LP now owns 84,400 shares of the company’s stock worth $47,000 after purchasing an additional 27,300 shares in the last quarter. Stonepine Capital Management LLC purchased a new position in Elevation Oncology during the 4th quarter worth $113,000. Millennium Management LLC raised its stake in 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 during the last quarter. Finally, Deutsche Bank AG grew its stake in shares of Elevation Oncology by 550.5% during the fourth quarter. Deutsche Bank AG now owns 188,771 shares of the company’s stock worth $106,000 after acquiring an additional 159,751 shares during the last quarter. 83.70% of the stock is owned by hedge funds and other institutional investors.

Elevation Oncology Price Performance

NASDAQ:ELEV opened at $0.28 on Wednesday. The company has a market capitalization of $16.76 million, a P/E ratio of -0.35 and a beta of 1.37. The business’s 50-day moving average is $0.58 and its 200 day moving average is $0.59. The company has a current ratio of 17.77, a quick ratio of 17.77 and a debt-to-equity ratio of 0.45. Elevation Oncology has a 12 month low of $0.24 and a 12 month high of $5.83.

Elevation Oncology (NASDAQ:ELEV) last released its quarterly earnings results on Thursday, March 6th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.04. On average, equities research analysts forecast that Elevation Oncology will post -0.84 earnings per share for the current fiscal year.

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.