Elevation Oncology, Inc. (NASDAQ:ELEV) Given Average Recommendation of “Hold” by Analysts

Elevation Oncology, Inc. (NASDAQ:ELEV) has earned an average recommendation of “Hold” from the nine brokerages that are presently covering the firm, MarketBeat.com reports. Six analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $3.39.

Several equities analysts have issued reports on the stock. Leerink Partnrs cut shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. HC Wainwright dropped their price target on Elevation Oncology from $6.00 to $1.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. JMP Securities reiterated a “market outperform” rating and set a $7.00 price objective on shares of Elevation Oncology in a research report on Thursday, December 19th. Citizens Jmp cut Elevation Oncology from an “outperform” rating to a “market perform” rating in a research report on Friday, March 21st. Finally, Piper Sandler lowered shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $10.00 to $0.70 in a research report on Friday, March 21st.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Frazier Life Sciences Management L.P. lifted its position in shares of Elevation Oncology by 102.6% in the third 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 in the last quarter. Sphera Funds Management LTD. raised its stake in Elevation Oncology by 227.2% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock valued at $648,000 after purchasing an additional 749,762 shares during the period. GSA Capital Partners LLP purchased a new position in Elevation Oncology in the 3rd quarter worth approximately $260,000. Allostery Investments LP bought a new position in Elevation Oncology in the 4th quarter worth approximately $243,000. Finally, Stonepine Capital Management LLC purchased a new stake in Elevation Oncology during the 4th quarter valued at approximately $113,000. Institutional investors own 83.70% of the company’s stock.

Elevation Oncology Price Performance

Shares of NASDAQ:ELEV opened at $0.28 on Wednesday. The business has a fifty day moving average price of $0.58 and a 200-day moving average price of $0.59. 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 has a market capitalization of $16.76 million, a PE ratio of -0.35 and a beta of 1.37. Elevation Oncology has a 1-year low of $0.24 and a 1-year 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, beating analysts’ consensus estimates of ($0.22) by $0.04. As a group, equities analysts expect that Elevation Oncology will post -0.84 EPS for the current fiscal year.

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.