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

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

A number of other research firms have also recently commented on ELEV. Citizens Jmp cut shares of Elevation Oncology from an “outperform” rating to a “market perform” rating in a report on Friday. HC Wainwright lowered their price objective on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating for the company in a research report on Friday. Stephens reaffirmed an “overweight” rating and set a $5.00 target price on shares of Elevation Oncology in a research note on Friday, March 7th. Piper Sandler downgraded shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $10.00 to $0.70 in a report on Friday. Finally, JMP Securities reissued a “market outperform” rating and set a $7.00 price objective on shares of Elevation Oncology in a report on Thursday, December 19th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $3.96.

Elevation Oncology Price Performance

Shares of NASDAQ:ELEV opened at $0.30 on Thursday. The firm has a 50 day moving average of $0.59 and a 200-day moving average of $0.60. Elevation Oncology has a 12 month low of $0.24 and a 12 month 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 capitalization of $17.77 million, a PE ratio of -0.37 and a beta of 1.37.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Barclays PLC raised its stake in Elevation Oncology by 302.4% during the third quarter. Barclays PLC now owns 72,077 shares of the company’s stock worth $43,000 after buying an additional 54,167 shares during the last quarter. SG Americas Securities LLC grew its holdings 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 acquiring an additional 15,560 shares during the period. Geode Capital Management LLC raised its position 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 worth $666,000 after acquiring an additional 78,509 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of 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 purchasing an additional 39,101 shares during the period. Finally, State Street Corp boosted its position in shares of Elevation Oncology by 13.5% during the 3rd quarter. State Street Corp now owns 1,018,026 shares of the company’s stock valued at $611,000 after purchasing an additional 120,993 shares in the last quarter. 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.