Elevation Oncology (NASDAQ:ELEV) Receives Buy Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Elevation Oncology (NASDAQ:ELEV) in a research report sent to investors on Tuesday,Benzinga reports. The firm currently has a $6.00 price target on the stock.

Other equities analysts also recently issued reports about the company. William Blair started coverage on Elevation Oncology in a research report on Friday, January 3rd. They set an “outperform” rating on the stock. JMP Securities reissued 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, Stephens reaffirmed an “overweight” rating and set a $5.00 price target on shares of Elevation Oncology in a research report on Friday, December 6th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Elevation Oncology presently has an average rating of “Buy” and a consensus price target of $7.20.

Elevation Oncology Stock Performance

NASDAQ:ELEV opened at $0.78 on Tuesday. 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 firm has a market cap of $46.14 million, a PE ratio of -0.95 and a beta of 1.28. The firm has a 50 day simple moving average of $0.63 and a 200-day simple moving average of $1.02. Elevation Oncology has a 1-year low of $0.50 and a 1-year high of $5.83.

Elevation Oncology (NASDAQ:ELEV) last released its earnings results 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, equities analysts expect that Elevation Oncology will post -0.85 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ELEV. Frazier Life Sciences Management L.P. increased 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 worth $3,596,000 after acquiring an additional 3,035,000 shares in the last quarter. Logos Global Management LP boosted its position in Elevation Oncology by 285.0% during the 2nd quarter. Logos Global Management LP now owns 3,850,000 shares of the company’s stock worth $10,395,000 after purchasing an additional 2,850,000 shares during the period. Sphera Funds Management LTD. increased its holdings 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 valued at $648,000 after purchasing an additional 749,762 shares in the last quarter. GSA Capital Partners LLP purchased a new position in Elevation Oncology in the third quarter valued at about $260,000. Finally, Affinity Asset Advisors LLC lifted its stake in shares of Elevation Oncology by 15.8% during the second quarter. Affinity Asset Advisors LLC now owns 1,468,825 shares of the company’s stock worth $3,966,000 after purchasing an additional 200,000 shares in the last quarter. Hedge funds and other 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.