Elevation Oncology, Inc. (NASDAQ:ELEV) Receives Average Recommendation of “Hold” from Analysts

Elevation Oncology, Inc. (NASDAQ:ELEV) has been given an average rating of “Hold” by the ten analysts that are currently covering the company, MarketBeat reports. Seven analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $3.39.

ELEV has been the subject of several research reports. Wedbush downgraded Elevation Oncology from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 20th. Citigroup cut Elevation Oncology to a “market perform” rating in a research report on Friday, March 21st. Leerink Partnrs cut Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 20th. Piper Sandler cut Elevation Oncology from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $10.00 to $0.70 in a research report on Friday, March 21st. Finally, HC Wainwright dropped their price target on Elevation Oncology from $6.00 to $1.00 and set a “buy” rating on the stock in a research report on Friday, March 21st.

Hedge Funds Weigh In On Elevation Oncology

Several institutional investors and hedge funds have recently modified their holdings of the stock. Barclays PLC grew its holdings in shares of Elevation Oncology by 21.5% during the 4th quarter. Barclays PLC now owns 87,608 shares of the company’s stock valued at $49,000 after acquiring an additional 15,531 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Elevation Oncology by 33.9% during the 4th quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock valued at $35,000 after acquiring an additional 15,560 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Elevation Oncology by 42.5% during the 4th quarter. Bank of America Corp DE now owns 56,839 shares of the company’s stock valued at $32,000 after acquiring an additional 16,962 shares in the last quarter. Two Sigma Advisers LP grew its holdings in shares of Elevation Oncology by 47.8% during 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 in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Elevation Oncology by 3.9% during 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 in the last quarter. 83.70% of the stock is currently owned by hedge funds and other institutional investors.

Elevation Oncology Stock Up 4.9%

Elevation Oncology stock opened at $0.32 on Monday. The stock’s fifty day moving average is $0.32 and its two-hundred day moving average is $0.49. 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 has a 1-year low of $0.22 and a 1-year high of $3.66. The stock has a market cap of $18.95 million, a PE ratio of -0.39 and a beta of 1.43.

Elevation Oncology (NASDAQ:ELEV) last posted its earnings results on Thursday, May 15th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.04). On average, sell-side analysts expect that Elevation Oncology will post -0.84 EPS for the current fiscal year.

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.