Elevation Oncology (NASDAQ:ELEV) Rating Lowered to Hold at Leerink Partnrs

Elevation Oncology (NASDAQ:ELEV) was downgraded by stock analysts at Leerink Partnrs from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday,Zacks.com reports.

A number of other equities analysts also recently issued reports on the stock. Stephens reaffirmed an “overweight” rating and set a $5.00 price objective on shares of Elevation Oncology in a report on Friday, March 7th. William Blair restated an “outperform” rating and set a $5.00 price target on shares of Elevation Oncology in a report on Friday, March 7th. HC Wainwright dropped their target price on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating on the stock in a research report on Friday. Piper Sandler downgraded Elevation Oncology from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $10.00 to $0.70 in a research note on Friday. Finally, Leerink Partners downgraded Elevation Oncology from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $9.00 to $1.00 in a research report on Friday. Five 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, Elevation Oncology currently has an average rating of “Hold” and an average price target of $3.96.

Elevation Oncology Trading Up 7.9 %

ELEV opened at $0.30 on Thursday. Elevation Oncology has a fifty-two week low of $0.24 and a fifty-two week high of $5.83. The firm has a market capitalization of $17.77 million, a PE ratio of -0.37 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 company’s 50-day moving average is $0.59 and its 200 day moving average is $0.60.

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

Institutional Investors Weigh In On Elevation Oncology

A number of hedge funds have recently modified their holdings of ELEV. Velan Capital Investment Management LP purchased a new stake in Elevation Oncology in the fourth quarter worth $25,000. Bank of America Corp DE grew its stake in shares of Elevation Oncology by 42.5% during the 4th quarter. Bank of America Corp DE now owns 56,839 shares of the company’s stock worth $32,000 after acquiring an additional 16,962 shares during the period. JPMorgan Chase & Co. increased 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 worth $37,000 after acquiring an additional 39,101 shares during the last quarter. SG Americas Securities LLC raised its stake in Elevation Oncology by 33.9% in the 4th quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock valued at $35,000 after acquiring an additional 15,560 shares during the period. Finally, Two Sigma Securities LLC bought a new stake in Elevation Oncology in the 4th quarter valued at about $35,000. Institutional investors own 83.70% of the company’s stock.

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.