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

Shares of Elevation Oncology, Inc. (NASDAQ:ELEV) have been assigned a consensus rating of “Buy” from the six analysts that are presently covering the stock, Marketbeat.com reports. Six investment analysts have rated the stock with a buy rating. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $6.83.

Several research firms recently commented on ELEV. William Blair reaffirmed an “outperform” rating and set a $5.00 target price on shares of Elevation Oncology in a report on Friday, March 7th. Stephens reaffirmed an “overweight” rating and set a $5.00 target price on shares of Elevation Oncology in a report on Friday, March 7th. HC Wainwright reaffirmed a “buy” rating and set a $6.00 target price on shares of Elevation Oncology in a report on Monday, March 10th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $7.00 target price on shares of Elevation Oncology in a report on Thursday, December 19th.

Institutional Investors Weigh In On Elevation Oncology

Large investors have recently added to or reduced their stakes in the company. Velan Capital Investment Management LP bought a new stake in Elevation Oncology in the 4th quarter worth $25,000. Bank of America Corp DE lifted its position 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 purchasing an additional 16,962 shares during the period. JPMorgan Chase & Co. lifted its position 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 purchasing an additional 39,101 shares during the period. SG Americas Securities LLC lifted its position 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 purchasing an additional 15,560 shares during the period. Finally, Two Sigma Securities LLC purchased a new stake in shares of Elevation Oncology in the 4th quarter worth about $35,000. Institutional investors own 83.70% of the company’s stock.

Elevation Oncology Price Performance

Shares of NASDAQ:ELEV opened at $0.48 on Wednesday. The company’s fifty day moving average price is $0.62 and its 200-day moving average price is $0.61. The firm has a market capitalization of $28.51 million, a price-to-earnings ratio of -0.59 and a beta of 1.37. Elevation Oncology has a one year low of $0.41 and a one year high of $5.83. 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 issued its quarterly earnings results on Thursday, March 6th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. On average, equities research analysts anticipate that Elevation Oncology will post -0.84 earnings per share for the current fiscal year.

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.