Stephens Reaffirms “Equal Weight” Rating for Elevation Oncology (NASDAQ:ELEV)

Stephens reissued their equal weight rating on shares of Elevation Oncology (NASDAQ:ELEV) in a research report released on Monday morning, Marketbeat reports. They currently have a $1.00 target price on the stock, down from their prior target price of $5.00.

Several other analysts have also recently commented on ELEV. William Blair restated an “outperform” rating and set a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, March 7th. HC Wainwright decreased their target price on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating for the company in a research report on Friday, March 21st. Citizens Jmp lowered shares of Elevation Oncology from an “outperform” rating to a “market perform” rating in a report on Friday, March 21st. Wedbush lowered Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. Finally, Leerink Partnrs cut Elevation Oncology from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 20th. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.39.

Elevation Oncology Stock Performance

Shares of ELEV stock opened at $0.26 on Monday. 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 business has a fifty day moving average of $0.57 and a 200 day moving average of $0.59. The firm has a market capitalization of $15.58 million, a price-to-earnings ratio of -0.32 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 announced its quarterly earnings data on Thursday, March 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.04. As a group, research analysts expect that Elevation Oncology will post -0.84 earnings per share for the current year.

Institutional Investors Weigh In On Elevation Oncology

Hedge funds have recently modified their holdings of the company. State Street Corp increased its stake in shares of Elevation Oncology by 13.5% in the 3rd quarter. State Street Corp now owns 1,018,026 shares of the company’s stock valued at $611,000 after purchasing an additional 120,993 shares in the last quarter. Sphera Funds Management LTD. grew its holdings in Elevation Oncology by 227.2% in the third 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. Barclays PLC grew its holdings in Elevation Oncology by 302.4% in the third quarter. Barclays PLC now owns 72,077 shares of the company’s stock valued at $43,000 after purchasing an additional 54,167 shares during the period. 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 valued at $3,596,000 after buying an additional 3,035,000 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Elevation Oncology by 7.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,110,085 shares of the company’s stock worth $666,000 after buying an additional 78,509 shares during the period. 83.70% of the stock is owned by hedge funds and other institutional investors.

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.