Elevation Oncology (NASDAQ:ELEV) Downgraded by Citizens Jmp to Market Perform

Citizens Jmp lowered shares of Elevation Oncology (NASDAQ:ELEV) from an outperform rating to a market perform rating in a report issued on Friday morning, Marketbeat reports.

Other equities analysts also recently issued research reports about the stock. HC Wainwright reduced their price objective on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating on the stock in a research note on Friday. Piper Sandler downgraded shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $10.00 to $0.70 in a research note on Friday. JMP Securities reissued a “market outperform” rating and set a $7.00 price objective on shares of Elevation Oncology in a research note on Thursday, December 19th. Stephens reissued an “overweight” rating and set a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, March 7th. Finally, William Blair reissued an “outperform” rating and set a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.96.

Elevation Oncology Stock Up 7.9 %

Shares of NASDAQ ELEV opened at $0.30 on Friday. 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. 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 (NASDAQ:ELEV) last announced its quarterly earnings results on Thursday, March 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.04. Equities analysts anticipate that Elevation Oncology will post -0.84 EPS for the current fiscal year.

Hedge Funds Weigh In On Elevation Oncology

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Velan Capital Investment Management LP acquired a new stake in shares of Elevation Oncology in the fourth quarter worth $25,000. Two Sigma Advisers LP raised its stake in shares of Elevation Oncology by 47.8% in the 4th quarter. Two Sigma Advisers LP now owns 84,400 shares of the company’s stock valued at $47,000 after acquiring an additional 27,300 shares during the period. Stonepine Capital Management LLC purchased a new position in shares of Elevation Oncology in the 4th quarter valued at $113,000. Millennium Management LLC raised its stake in shares of Elevation Oncology by 3.9% in the 4th quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock valued at $459,000 after acquiring an additional 30,466 shares during the period. Finally, Deutsche Bank AG raised its stake in shares of Elevation Oncology by 550.5% in the 4th quarter. Deutsche Bank AG now owns 188,771 shares of the company’s stock valued at $106,000 after acquiring an additional 159,751 shares during the period. 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.