Elevation Oncology (NASDAQ:ELEV) Receives Equal Weight Rating from Stephens

Elevation Oncology (NASDAQ:ELEV)‘s stock had its “equal weight” rating reaffirmed by equities research analysts at Stephens in a report released on Monday,Benzinga reports. They currently have a $1.00 price target on the stock, down from their prior price target of $5.00. Stephens’ price objective indicates a potential upside of 233.22% from the company’s current price.

A number of other equities research analysts have also weighed in on the stock. William Blair reaffirmed an “outperform” rating and set a $5.00 price target on shares of Elevation Oncology in a report on Friday, March 7th. HC Wainwright decreased their price objective on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating for the company in a research report on Friday. Leerink Partners lowered Elevation Oncology from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $9.00 to $1.00 in a research report on Friday. Wedbush downgraded Elevation Oncology from a “strong-buy” rating to a “hold” rating in a report on Thursday. Finally, JMP Securities restated a “market outperform” rating and set a $7.00 price objective on shares of Elevation Oncology in a research note on Thursday, December 19th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $3.39.

Elevation Oncology Trading Up 7.9 %

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

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Frazier Life Sciences Management L.P. raised its position in shares of 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 valued at $3,596,000 after acquiring an additional 3,035,000 shares in the last quarter. Sphera Funds Management LTD. increased its stake in Elevation Oncology by 227.2% during the third quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock valued at $648,000 after purchasing an additional 749,762 shares during the last quarter. Allostery Investments LP acquired a new stake in shares of Elevation Oncology during the fourth quarter worth $243,000. Stonepine Capital Management LLC bought a new position in shares of Elevation Oncology in the 4th quarter worth about $113,000. Finally, Deutsche Bank AG lifted its position 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 worth $106,000 after buying an additional 159,751 shares during the last quarter. 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.