Elevation Oncology’s (ELEV) “Equal Weight” Rating Reiterated at Stephens

Stephens reaffirmed their equal weight rating on shares of Elevation Oncology (NASDAQ:ELEV) in a report published on Monday, Marketbeat Ratings reports. Stephens currently has a $1.00 price target on the stock, down from their prior price target of $5.00.

ELEV has been the subject of a number of other reports. William Blair reaffirmed an “outperform” rating and issued a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, March 7th. Leerink Partnrs lowered shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 20th. Citizens Jmp downgraded shares of Elevation Oncology from an “outperform” rating to a “market perform” rating in a research note on Friday, March 21st. Wedbush downgraded shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $7.00 target price on shares of Elevation Oncology in a research report on Thursday, December 19th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $3.39.

Elevation Oncology Price Performance

Shares of ELEV stock opened at $0.26 on Monday. The stock has a 50 day moving average price of $0.57 and a 200 day moving average price of $0.59. The firm has a market capitalization of $15.58 million, a P/E ratio of -0.32 and a beta of 1.37. The company has a debt-to-equity ratio of 0.45, a quick ratio of 17.77 and a current ratio of 17.77. Elevation Oncology has a 52-week low of $0.24 and a 52-week high of $5.83.

Elevation Oncology (NASDAQ:ELEV) last posted its quarterly earnings results on Thursday, March 6th. The company reported ($0.18) EPS for the quarter, topping 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

Institutional investors and hedge funds have recently bought and sold shares of the company. Frazier Life Sciences Management L.P. boosted its position in shares of Elevation Oncology by 102.6% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 5,993,579 shares of the company’s stock worth $3,596,000 after purchasing an additional 3,035,000 shares in the last quarter. Geode Capital Management LLC raised its stake in Elevation Oncology by 4.3% in the fourth quarter. Geode Capital Management LLC now owns 1,157,572 shares of the company’s stock valued at $651,000 after buying an additional 47,487 shares during the last quarter. Sphera Funds Management LTD. boosted its holdings in Elevation Oncology by 227.2% in the third quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock worth $648,000 after acquiring an additional 749,762 shares in the last quarter. State Street Corp grew its stake in shares of Elevation Oncology by 13.5% during the third quarter. State Street Corp now owns 1,018,026 shares of the company’s stock worth $611,000 after acquiring an additional 120,993 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Elevation Oncology by 3.9% during the fourth quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock valued at $459,000 after acquiring an additional 30,466 shares in the last quarter. 83.70% of the stock is owned by hedge funds and other institutional investors.

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.