Elevation Oncology (NASDAQ:ELEV) Stock Rating Lowered by TD Cowen

Elevation Oncology (NASDAQ:ELEV) was downgraded by TD Cowen from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Several other research firms have also recently weighed in on ELEV. Citizens Jmp cut Elevation Oncology from an “outperform” rating to a “market perform” rating in a research note on Friday, March 21st. Wedbush cut Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 20th. Leerink Partners downgraded shares of Elevation Oncology from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $9.00 to $1.00 in a research report on Friday, March 21st. HC Wainwright downgraded Elevation Oncology from a “strong-buy” rating to a “neutral” rating in a research note on Tuesday. Finally, William Blair cut shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research note on Monday. Eleven equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Elevation Oncology currently has a consensus rating of “Hold” and a consensus price target of $3.39.

Elevation Oncology Stock Down 0.4%

Shares of NASDAQ:ELEV opened at $0.38 on Monday. Elevation Oncology has a 1 year low of $0.22 and a 1 year high of $3.60. The firm’s 50-day moving average is $0.32 and its two-hundred day moving average is $0.49. The firm has a market capitalization of $22.67 million, a PE ratio of -0.47 and a beta of 1.43. The company has a debt-to-equity ratio of 0.45, a current ratio of 17.77 and a quick ratio of 17.77.

Elevation Oncology (NASDAQ:ELEV) last posted its quarterly earnings results on Thursday, May 15th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.04). Analysts predict that Elevation Oncology will post -0.84 EPS for the current year.

Institutional Investors Weigh In On Elevation Oncology

Institutional investors and hedge funds have recently bought and sold shares of the stock. BML Capital Management LLC acquired a new stake in shares of Elevation Oncology during the 1st quarter worth about $1,526,000. Allostery Investments LP purchased a new position in Elevation Oncology in the fourth quarter valued at approximately $243,000. Palumbo Wealth Management LLC lifted its holdings in shares of Elevation Oncology by 302.3% during the 1st quarter. Palumbo Wealth Management LLC now owns 278,002 shares of the company’s stock valued at $72,000 after acquiring an additional 208,897 shares in the last quarter. Stonepine Capital Management LLC acquired a new position in shares of Elevation Oncology during the fourth quarter worth about $113,000. Finally, Nuveen LLC purchased a new position in Elevation Oncology in the 1st quarter worth approximately $45,000. Hedge funds and other institutional investors own 83.70% of the company’s stock.

Elevation Oncology Company Profile

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.