Elevation Oncology (NASDAQ:ELEV) Given Overweight Rating at Stephens

Elevation Oncology (NASDAQ:ELEV)‘s stock had its “overweight” rating reissued by analysts at Stephens in a note issued to investors on Friday,Benzinga reports. They currently have a $5.00 price target on the stock.

Several other research analysts also recently commented on ELEV. William Blair started coverage on Elevation Oncology in a report on Friday, January 3rd. They issued an “outperform” rating on the stock. HC Wainwright restated a “buy” rating and set a $6.00 price target on shares of Elevation Oncology in a research report on Tuesday, January 14th. Finally, JMP Securities reissued a “market outperform” rating and set a $7.00 price objective on shares of Elevation Oncology in a research note on Thursday, December 19th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Elevation Oncology currently has an average rating of “Buy” and a consensus target price of $7.20.

Elevation Oncology Stock Performance

NASDAQ:ELEV traded down $0.01 on Friday, reaching $0.50. 72,629 shares of the company’s stock were exchanged, compared to its average volume of 2,672,708. Elevation Oncology has a 52 week low of $0.41 and a 52 week high of $5.83. The firm has a market cap of $29.80 million, a price-to-earnings ratio of -0.61 and a beta of 1.37. The company has a debt-to-equity ratio of 0.45, a current ratio of 17.77 and a quick ratio of 17.77. The stock has a fifty day simple moving average of $0.64 and a 200-day simple moving average of $0.63.

Elevation Oncology (NASDAQ:ELEV) last announced its quarterly earnings data on Thursday, March 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. As a group, sell-side analysts predict that Elevation Oncology will post -0.84 earnings per share for the current year.

Hedge Funds Weigh In On Elevation Oncology

A number of institutional investors and hedge funds have recently modified their holdings of the company. Barclays PLC lifted its holdings in Elevation Oncology by 302.4% in the third quarter. Barclays PLC now owns 72,077 shares of the company’s stock valued at $43,000 after acquiring an additional 54,167 shares during the period. SG Americas Securities LLC lifted its stake in shares of Elevation Oncology by 33.9% in 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 during the period. Geode Capital Management LLC boosted its holdings in shares of Elevation Oncology by 7.6% in the third quarter. Geode Capital Management LLC now owns 1,110,085 shares of the company’s stock worth $666,000 after buying an additional 78,509 shares during the last quarter. JPMorgan Chase & Co. grew its position in Elevation Oncology by 175.9% during the third 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 during the period. Finally, State Street Corp increased its holdings in Elevation Oncology by 13.5% during the third quarter. State Street Corp now owns 1,018,026 shares of the company’s stock valued at $611,000 after buying an additional 120,993 shares during the last quarter. 83.70% of the stock is currently owned by hedge funds and other institutional investors.

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.