Elevation Oncology (NASDAQ:ELEV) Downgraded to “Neutral” Rating by Piper Sandler

Piper Sandler cut shares of Elevation Oncology (NASDAQ:ELEV) from an overweight rating to a neutral rating in a report published on Friday, MarketBeat reports. Piper Sandler currently has $0.70 target price on the stock, down from their prior target price of $10.00.

Other analysts also recently issued research reports about the stock. JMP Securities reiterated a “market outperform” rating and issued a $7.00 price objective on shares of Elevation Oncology in a report on Thursday, December 19th. William Blair reiterated an “outperform” rating and issued a $5.00 price objective on shares of Elevation Oncology in a report on Friday, March 7th. HC Wainwright cut their price objective on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating for the company in a report on Friday. Finally, Stephens reiterated an “overweight” rating and issued a $5.00 price objective on shares of Elevation Oncology in a report on Friday, March 7th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Elevation Oncology currently has a consensus rating of “Moderate Buy” and an average price target of $3.96.

Elevation Oncology Trading Up 7.9 %

Shares of Elevation Oncology stock opened at $0.30 on Friday. The firm has a market capitalization of $17.77 million, a PE ratio of -0.37 and a beta of 1.37. Elevation Oncology has a twelve month low of $0.24 and a twelve month high of $5.83. The firm’s 50-day moving average price is $0.59 and its 200 day moving average price is $0.60. 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 (NASDAQ:ELEV) last issued its quarterly earnings results on Thursday, March 6th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. On average, sell-side analysts predict that Elevation Oncology will post -0.84 EPS for the current fiscal year.

Institutional Trading of Elevation Oncology

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Barclays PLC increased its holdings in Elevation Oncology by 21.5% in the 4th quarter. Barclays PLC now owns 87,608 shares of the company’s stock valued at $49,000 after purchasing an additional 15,531 shares during the last quarter. SG Americas Securities LLC boosted its position in Elevation Oncology by 33.9% in the 4th quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock valued at $35,000 after buying an additional 15,560 shares during the period. Bank of America Corp DE lifted its position in shares of Elevation Oncology by 42.5% during the 4th quarter. Bank of America Corp DE now owns 56,839 shares of the company’s stock worth $32,000 after purchasing an additional 16,962 shares during the last quarter. Two Sigma Advisers LP lifted its position in shares of 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 purchasing an additional 27,300 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Elevation Oncology by 3.9% during the 4th quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock worth $459,000 after purchasing an additional 30,466 shares during the last quarter. Institutional investors and hedge funds 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.