Sphera Funds Management LTD. Sells 61,200 Shares of Elevation Oncology, Inc. (NASDAQ:ELEV)

Sphera Funds Management LTD. lessened its position in Elevation Oncology, Inc. (NASDAQ:ELEV) by 5.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,018,562 shares of the company’s stock after selling 61,200 shares during the quarter. Sphera Funds Management LTD.’s holdings in Elevation Oncology were worth $573,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Bank of America Corp DE lifted its holdings in shares of Elevation Oncology by 42.5% in the 4th quarter. Bank of America Corp DE now owns 56,839 shares of the company’s stock worth $32,000 after acquiring an additional 16,962 shares during the last quarter. Two Sigma Securities LLC bought a new stake in shares of Elevation Oncology in the 4th quarter worth about $35,000. SG Americas Securities LLC lifted its holdings in shares of Elevation Oncology by 33.9% in the 4th quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock worth $35,000 after acquiring an additional 15,560 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Elevation Oncology in the 4th quarter worth about $36,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Elevation Oncology by 175.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 61,334 shares of the company’s stock worth $37,000 after acquiring an additional 39,101 shares during the last quarter. Institutional investors own 83.70% of the company’s stock.

Elevation Oncology Trading Down 12.2%

NASDAQ ELEV opened at $0.30 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 17.77 and a current ratio of 17.77. The company has a market capitalization of $17.76 million, a price-to-earnings ratio of -0.37 and a beta of 1.59. The company’s 50-day simple moving average is $0.34 and its two-hundred day simple moving average is $0.52. Elevation Oncology, Inc. has a one year low of $0.22 and a one year high of $4.33.

Elevation Oncology (NASDAQ:ELEV) last posted 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 forecast that Elevation Oncology, Inc. will post -0.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. 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 report on Friday, March 21st. Wedbush lowered shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 20th. Citizens Jmp lowered shares of Elevation Oncology from an “outperform” rating to a “market perform” rating in a report on Friday, March 21st. Piper Sandler lowered shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $10.00 to $0.70 in a report on Friday, March 21st. Finally, Citigroup lowered shares of Elevation Oncology to a “market perform” rating in a report on Friday, March 21st. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Elevation Oncology presently has an average rating of “Hold” and an average target price of $3.39.

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.