Stephens Reaffirms “Overweight” Rating for Elevation Oncology (NASDAQ:ELEV)

Elevation Oncology (NASDAQ:ELEV)‘s stock had its “overweight” rating reiterated by Stephens in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $5.00 price target on the stock.

Elevation Oncology Trading Up 2.2 %

ELEV traded up $0.01 during trading on Friday, hitting $0.60. 132,479 shares of the stock traded hands, compared to its average volume of 1,494,219. The firm has a market capitalization of $35.73 million, a P/E ratio of -0.74 and a beta of 1.24. Elevation Oncology has a 12-month low of $0.44 and a 12-month high of $5.83. 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 has a 50-day moving average of $0.58 and a 200 day moving average of $1.57.

Elevation Oncology (NASDAQ:ELEV) last posted its earnings results on Wednesday, November 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.02). Equities research analysts anticipate that Elevation Oncology will post -0.84 EPS for the current year.

Institutional Investors Weigh In On Elevation Oncology

Several institutional investors and hedge funds have recently modified their holdings of the stock. XTX Topco Ltd purchased a new position in shares of Elevation Oncology in the 2nd quarter valued at approximately $103,000. SG Americas Securities LLC bought a new position in Elevation Oncology in the third quarter worth $28,000. American Century Companies Inc. lifted its position in Elevation Oncology by 55.7% during the second quarter. American Century Companies Inc. now owns 49,222 shares of the company’s stock valued at $133,000 after buying an additional 17,602 shares during the period. Rhumbline Advisers bought a new stake in shares of Elevation Oncology during the 2nd quarter valued at $175,000. Finally, Barclays PLC grew its position in shares of Elevation Oncology by 302.4% in the 3rd quarter. Barclays PLC now owns 72,077 shares of the company’s stock worth $43,000 after buying an additional 54,167 shares during the period. 83.70% of the stock is owned by hedge funds and other institutional investors.

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.