Elevation Oncology, Inc. (NASDAQ:ELEV) Receives $7.20 Average Target Price from Analysts

Shares of Elevation Oncology, Inc. (NASDAQ:ELEV) have been assigned a consensus recommendation of “Buy” from the six ratings firms that are presently covering the company, MarketBeat reports. Six investment analysts have rated the stock with a buy recommendation. The average 12-month price target among brokerages that have covered the stock in the last year is $7.20.

A number of equities analysts have issued reports on ELEV shares. HC Wainwright reiterated a “buy” rating and set a $6.00 price target on shares of Elevation Oncology in a research note on Friday, December 13th. William Blair began coverage on Elevation Oncology in a research report on Friday, January 3rd. They set an “outperform” rating on the stock. Stephens restated an “overweight” rating and set a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, December 6th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $7.00 target price on shares of Elevation Oncology in a research note on Thursday, December 19th.

Elevation Oncology Price Performance

Shares of NASDAQ:ELEV opened at $0.75 on Friday. The stock’s 50 day moving average is $0.62 and its 200-day moving average is $1.07. Elevation Oncology has a twelve month low of $0.50 and a twelve month high of $5.83. The company has a quick ratio of 17.77, a current ratio of 17.77 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $44.56 million, a price-to-earnings ratio of -0.92 and a beta of 1.24.

Elevation Oncology (NASDAQ:ELEV) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.02). Sell-side analysts forecast that Elevation Oncology will post -0.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ELEV. JPMorgan Chase & Co. boosted its holdings 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 worth $37,000 after buying an additional 39,101 shares during the last quarter. Barclays PLC raised its position in Elevation Oncology by 302.4% in the third quarter. Barclays PLC now owns 72,077 shares of the company’s stock worth $43,000 after acquiring an additional 54,167 shares during the period. Geode Capital Management LLC boosted its stake in Elevation Oncology by 7.6% in the third quarter. Geode Capital Management LLC now owns 1,110,085 shares of the company’s stock valued at $666,000 after acquiring an additional 78,509 shares during the last quarter. Frazier Life Sciences Management L.P. grew its position in shares of Elevation Oncology by 102.6% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 5,993,579 shares of the company’s stock valued at $3,596,000 after acquiring an additional 3,035,000 shares during the period. Finally, Sphera Funds Management LTD. increased its stake in shares of Elevation Oncology by 227.2% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock worth $648,000 after purchasing an additional 749,762 shares during the last quarter. 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.