Elevation Oncology (NASDAQ:ELEV) Coverage Initiated at William Blair

Equities researchers at William Blair began coverage on shares of Elevation Oncology (NASDAQ:ELEV) in a report released on Friday, Marketbeat.com reports. The firm set an “outperform” rating on the stock.

ELEV has been the subject of several other reports. HC Wainwright reiterated a “buy” rating and set a $6.00 price objective on shares of Elevation Oncology in a research note on Friday, December 13th. JMP Securities reiterated a “market outperform” rating and set a $7.00 price target on shares of Elevation Oncology in a research note on Thursday, December 19th. Finally, Stephens restated an “overweight” rating and issued a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, December 6th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Elevation Oncology currently has a consensus rating of “Buy” and an average target price of $7.20.

Elevation Oncology Trading Up 11.5 %

Shares of NASDAQ:ELEV opened at $0.66 on Friday. The business’s 50-day moving average is $0.61 and its 200 day moving average is $1.12. The company has a debt-to-equity ratio of 0.45, a current ratio of 17.77 and a quick ratio of 17.77. Elevation Oncology has a 1 year low of $0.50 and a 1 year high of $5.83. The firm has a market capitalization of $39.24 million, a P/E ratio of -0.81 and a beta of 1.24.

Elevation Oncology (NASDAQ:ELEV) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.02). On average, research analysts predict that Elevation Oncology will post -0.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Elevation Oncology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ELEV. Frazier Life Sciences Management L.P. boosted its stake 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 worth $3,596,000 after buying an additional 3,035,000 shares during the last quarter. Logos Global Management LP lifted its holdings in Elevation Oncology by 285.0% in the second quarter. Logos Global Management LP now owns 3,850,000 shares of the company’s stock valued at $10,395,000 after acquiring an additional 2,850,000 shares during the period. Sphera Funds Management LTD. boosted its position in Elevation Oncology by 227.2% in 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 in the last quarter. GSA Capital Partners LLP acquired a new stake in shares of Elevation Oncology during the 3rd quarter worth approximately $260,000. Finally, Affinity Asset Advisors LLC increased its holdings in shares of Elevation Oncology by 15.8% during the 2nd quarter. Affinity Asset Advisors LLC now owns 1,468,825 shares of the company’s stock valued at $3,966,000 after purchasing an additional 200,000 shares in the last quarter. 83.70% of the stock is owned by institutional investors and hedge funds.

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.