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

Shares of Elevation Oncology, Inc. (NASDAQ:ELEV) have been given an average rating of “Buy” by the six brokerages that are covering the stock, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $7.20.

Several equities research analysts recently weighed in on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $7.00 price objective on shares of Elevation Oncology in a report on Thursday, December 19th. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price target on shares of Elevation Oncology in a research note on Tuesday, January 14th. Stephens reiterated an “overweight” rating and set a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, December 6th. Finally, William Blair initiated coverage on Elevation Oncology in a research report on Friday, January 3rd. They issued an “outperform” rating for the company.

Elevation Oncology Stock Down 6.5 %

ELEV opened at $0.61 on Friday. Elevation Oncology has a 12 month low of $0.50 and a 12 month 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. The stock has a market cap of $35.91 million, a P/E ratio of -0.74 and a beta of 1.31. The stock’s 50 day moving average price is $0.65 and its 200 day moving average price is $0.64.

Hedge Funds Weigh In On Elevation Oncology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Velan Capital Investment Management LP bought a new position in Elevation Oncology during the 4th quarter valued at $25,000. Two Sigma Advisers LP boosted its stake in 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 purchasing an additional 27,300 shares in the last quarter. Stonepine Capital Management LLC bought a new stake in shares of Elevation Oncology during the 4th quarter worth $113,000. Millennium Management LLC boosted its stake 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 worth $459,000 after acquiring an additional 30,466 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of Elevation Oncology by 550.5% during the 4th quarter. Deutsche Bank AG now owns 188,771 shares of the company’s stock worth $106,000 after acquiring an additional 159,751 shares in the last quarter. 83.70% of the stock is owned by institutional investors.

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.