Elevation Oncology’s (ELEV) “Equal Weight” Rating Reaffirmed at Stephens

Elevation Oncology (NASDAQ:ELEV)‘s stock had its “equal weight” rating reissued by equities research analysts at Stephens in a research note issued on Monday,Benzinga reports. They currently have a $1.00 price objective on the stock, down from their previous price objective of $5.00. Stephens’ price objective would indicate a potential upside of 233.22% from the stock’s current price.

ELEV has been the topic of a number of other research reports. William Blair reaffirmed an “outperform” rating and set a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, March 7th. Citizens Jmp cut shares of Elevation Oncology from an “outperform” rating to a “market perform” rating in a research note on Friday. Wedbush downgraded shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research note on Thursday. JMP Securities reaffirmed a “market outperform” rating and issued a $7.00 target price on shares of Elevation Oncology in a research note on Thursday, December 19th. Finally, Leerink Partnrs lowered Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Six analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $3.39.

Elevation Oncology Stock Up 7.9 %

Shares of NASDAQ ELEV opened at $0.30 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 firm’s 50-day moving average is $0.59 and its two-hundred day moving average is $0.60. Elevation Oncology has a 12-month low of $0.24 and a 12-month high of $5.83. The company has a market capitalization of $17.77 million, a PE ratio of -0.37 and a beta of 1.37.

Elevation Oncology (NASDAQ:ELEV) last announced its earnings results on Thursday, March 6th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. Equities analysts anticipate that Elevation Oncology will post -0.84 EPS for the current fiscal year.

Institutional Trading of Elevation Oncology

Institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp grew its position in Elevation Oncology by 13.5% during the third quarter. State Street Corp now owns 1,018,026 shares of the company’s stock valued at $611,000 after acquiring an additional 120,993 shares during the period. Sphera Funds Management LTD. grew its holdings in shares of Elevation Oncology by 227.2% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock worth $648,000 after purchasing an additional 749,762 shares during the period. Barclays PLC increased its position in 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 in the last quarter. Frazier Life Sciences Management L.P. increased its position in Elevation Oncology by 102.6% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 5,993,579 shares of the company’s stock worth $3,596,000 after purchasing an additional 3,035,000 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Elevation Oncology by 7.6% in the third quarter. Geode Capital Management LLC now owns 1,110,085 shares of the company’s stock valued at $666,000 after buying an additional 78,509 shares during the period. 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.