TD Cowen Downgrades Elevation Oncology (NASDAQ:ELEV) to Hold

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

Several other research firms have also commented on ELEV. Leerink Partnrs lowered shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. JMP Securities reissued a “market perform” rating on shares of Elevation Oncology in a research note on Tuesday. HC Wainwright cut shares of Elevation Oncology from a “buy” rating to a “neutral” rating in a report on Tuesday. Citigroup cut shares of Elevation Oncology to a “market perform” rating in a report on Friday, March 21st. Finally, Wedbush cut shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 20th. Eleven analysts have rated the stock with a hold rating, Based on data from MarketBeat, Elevation Oncology presently has an average rating of “Hold” and a consensus target price of $3.39.

Elevation Oncology Trading Down 0.4%

Shares of ELEV opened at $0.38 on Monday. The firm’s 50-day moving average price is $0.32 and its 200-day moving average price is $0.49. The firm has a market capitalization of $22.67 million, a price-to-earnings ratio of -0.47 and a beta of 1.43. The company has a current ratio of 17.77, a quick ratio of 17.77 and a debt-to-equity ratio of 0.45. Elevation Oncology has a 1-year low of $0.22 and a 1-year high of $3.60.

Elevation Oncology (NASDAQ:ELEV) last posted its quarterly earnings data on Thursday, May 15th. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.04). Sell-side analysts anticipate that Elevation Oncology will post -0.84 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ELEV. SG Americas Securities LLC raised its holdings in shares of Elevation Oncology by 33.9% during the fourth quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock valued at $35,000 after purchasing an additional 15,560 shares during the last quarter. Palumbo Wealth Management LLC raised its holdings in shares of Elevation Oncology by 294.5% during the fourth quarter. Palumbo Wealth Management LLC now owns 69,105 shares of the company’s stock valued at $39,000 after purchasing an additional 51,590 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of Elevation Oncology during the fourth quarter valued at approximately $36,000. JPMorgan Chase & Co. raised its holdings in shares of Elevation Oncology by 194.1% during the fourth quarter. JPMorgan Chase & Co. now owns 180,375 shares of the company’s stock valued at $101,000 after purchasing an additional 119,041 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Elevation Oncology by 4.3% during the fourth quarter. Geode Capital Management LLC now owns 1,157,572 shares of the company’s stock valued at $651,000 after purchasing an additional 47,487 shares during the last quarter. 83.70% of the stock is owned by hedge funds and other institutional investors.

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.