Elevation Oncology, Inc. (NASDAQ:ELEV) Receives Average Rating of “Buy” from Analysts

Shares of Elevation Oncology, Inc. (NASDAQ:ELEV) have earned a consensus recommendation of “Buy” from the six ratings firms that are currently covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a buy rating. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $7.20.

Several research firms have commented on ELEV. JMP Securities reaffirmed a “market outperform” rating and issued a $7.00 price target on shares of Elevation Oncology in a report on Thursday, December 19th. William Blair assumed coverage on shares of Elevation Oncology in a research report on Friday, January 3rd. They set an “outperform” rating for the company. HC Wainwright restated a “buy” rating and set a $6.00 price target on shares of Elevation Oncology in a research report on Tuesday, January 14th. Finally, Stephens reiterated an “overweight” rating and issued a $5.00 price objective on shares of Elevation Oncology in a report on Friday, December 6th.

Elevation Oncology Price Performance

NASDAQ ELEV opened at $0.64 on Tuesday. The firm’s fifty day simple moving average is $0.65 and its two-hundred day simple moving average is $0.81. The company has a current ratio of 17.77, a quick ratio of 17.77 and a debt-to-equity ratio of 0.45. Elevation Oncology has a 12-month low of $0.50 and a 12-month high of $5.83. The firm has a market capitalization of $37.84 million, a P/E ratio of -0.78 and a beta of 1.31.

Elevation Oncology (NASDAQ:ELEV) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.02). Analysts forecast that Elevation Oncology will post -0.84 EPS for the current fiscal year.

Hedge Funds Weigh In On Elevation Oncology

Hedge funds have recently made changes to their positions in the stock. Barclays PLC boosted its position in shares of Elevation Oncology by 302.4% during the 3rd quarter. Barclays PLC now owns 72,077 shares of the company’s stock worth $43,000 after purchasing an additional 54,167 shares during the period. Geode Capital Management LLC boosted its position 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 purchasing an additional 78,509 shares during the period. State Street Corp lifted its holdings in Elevation Oncology by 13.5% during the 3rd quarter. State Street Corp now owns 1,018,026 shares of the company’s stock worth $611,000 after buying an additional 120,993 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Elevation Oncology during the 3rd quarter worth approximately $260,000. Finally, XTX Topco Ltd acquired a new stake in Elevation Oncology during the 2nd quarter worth approximately $103,000. 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.