Analysts Set Elevation Oncology, Inc. (NASDAQ:ELEV) PT at $3.39

Shares of Elevation Oncology, Inc. (NASDAQ:ELEV) have been given a consensus rating of “Hold” by the ten analysts that are currently covering the firm, MarketBeat reports. Seven investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $3.39.

A number of research analysts have issued reports on the stock. Leerink Partners lowered shares of Elevation Oncology from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $9.00 to $1.00 in a report on Friday, March 21st. Piper Sandler downgraded shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $10.00 to $0.70 in a research note on Friday, March 21st. Stephens reaffirmed an “equal weight” rating and issued a $1.00 target price (down from $5.00) on shares of Elevation Oncology in a research note on Monday, March 24th. Wedbush lowered Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. Finally, Leerink Partnrs downgraded Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 20th.

Elevation Oncology Stock Down 4.9 %

ELEV stock opened at $0.34 on Thursday. 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’s 50 day simple moving average is $0.35 and its 200-day simple moving average is $0.53. Elevation Oncology has a 12 month low of $0.22 and a 12 month high of $4.33. The firm has a market capitalization of $20.31 million, a PE ratio of -0.42 and a beta of 1.59.

Elevation Oncology (NASDAQ:ELEV) last released its quarterly earnings results on Thursday, March 6th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.04. Equities analysts expect that Elevation Oncology will post -0.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ELEV. Charles Schwab Investment Management Inc. grew its stake in Elevation Oncology by 46.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 181,694 shares of the company’s stock worth $47,000 after buying an additional 57,513 shares during the period. BML Capital Management LLC acquired a new stake in Elevation Oncology in the 1st quarter valued at $1,526,000. Palumbo Wealth Management LLC boosted its position in shares of Elevation Oncology by 302.3% in the first quarter. Palumbo Wealth Management LLC now owns 278,002 shares of the company’s stock worth $72,000 after buying an additional 208,897 shares during the period. Velan Capital Investment Management LP acquired a new stake in shares of Elevation Oncology in the fourth quarter valued at about $25,000. Finally, Two Sigma Advisers LP lifted its position in Elevation Oncology by 47.8% during the 4th 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. 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.