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

Elevation Oncology, Inc. (NASDAQ:ELEV) has earned an average recommendation of “Buy” from the six research firms that are currently covering the firm, Marketbeat reports. Six research analysts have rated the stock with a buy recommendation. The average 12-month target price among brokers that have issued a report on the stock in the last year is $7.20.

ELEV has been the subject of several recent analyst reports. William Blair initiated coverage on Elevation Oncology in a research report on Friday, January 3rd. They issued an “outperform” rating for the company. Stephens reaffirmed an “overweight” rating and issued a $5.00 target price on shares of Elevation Oncology in a research report on Friday, December 6th. JMP Securities reaffirmed a “market outperform” rating and issued a $7.00 target price on shares of Elevation Oncology in a research report on Thursday, December 19th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $6.00 target price on shares of Elevation Oncology in a research report on Tuesday, January 14th.

Institutional Trading of Elevation Oncology

Several hedge funds and other institutional investors have recently modified their holdings of the company. Barclays PLC raised its holdings in shares of Elevation Oncology by 21.5% during the fourth quarter. Barclays PLC now owns 87,608 shares of the company’s stock worth $49,000 after acquiring an additional 15,531 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of Elevation Oncology by 33.9% during the fourth 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 in the last quarter. Bank of America Corp DE raised its holdings in shares of Elevation Oncology by 42.5% during the fourth 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 in the last quarter. Two Sigma Advisers LP raised its holdings in shares of Elevation Oncology by 47.8% during the fourth quarter. Two Sigma Advisers LP now owns 84,400 shares of the company’s stock worth $47,000 after acquiring an additional 27,300 shares in the last quarter. Finally, Millennium Management LLC raised 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 worth $459,000 after acquiring an additional 30,466 shares in the last quarter. 83.70% of the stock is currently owned by hedge funds and other institutional investors.

Elevation Oncology Stock Performance

ELEV opened at $0.61 on Friday. The firm has a market cap of $35.91 million, a PE ratio of -0.74 and a beta of 1.31. 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 business has a fifty day simple moving average of $0.65 and a 200-day simple moving average of $0.64. Elevation Oncology has a fifty-two week low of $0.50 and a fifty-two week high of $5.83.

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.