Elevation Oncology (NASDAQ:ELEV) Earns “Market Outperform” Rating from JMP Securities

Elevation Oncology (NASDAQ:ELEV)‘s stock had its “market outperform” rating reiterated by analysts at JMP Securities in a note issued to investors on Thursday,Benzinga reports. They currently have a $7.00 price objective on the stock.

Other equities research analysts have also recently issued reports about the stock. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price target on shares of Elevation Oncology in a research note on Friday, December 13th. Stephens restated an “overweight” rating and set a $5.00 target price on shares of Elevation Oncology in a research report on Friday, December 6th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $7.20.

Elevation Oncology Trading Down 7.3 %

NASDAQ:ELEV opened at $0.58 on Thursday. Elevation Oncology has a 52-week low of $0.44 and a 52-week high of $5.83. 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 stock has a fifty day simple moving average of $0.60 and a 200-day simple moving average of $1.33. The company has a market capitalization of $34.29 million, a PE ratio of -0.71 and a beta of 1.24.

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

Institutional Investors Weigh In On Elevation Oncology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. American Century Companies Inc. grew its holdings in shares of Elevation Oncology by 55.7% during the 2nd quarter. American Century Companies Inc. now owns 49,222 shares of the company’s stock worth $133,000 after purchasing an additional 17,602 shares during the period. XTX Topco Ltd acquired a new position in Elevation Oncology during the second quarter valued at approximately $103,000. SG Americas Securities LLC purchased a new stake in Elevation Oncology during the third quarter worth approximately $28,000. Barclays PLC increased its position in shares of Elevation Oncology by 302.4% in the third quarter. Barclays PLC now owns 72,077 shares of the company’s stock worth $43,000 after acquiring an additional 54,167 shares in the last quarter. Finally, Rhumbline Advisers purchased a new position in shares of Elevation Oncology in the 2nd quarter valued at $175,000. 83.70% of the stock is currently 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.