Elevation Oncology (NASDAQ:ELEV) Downgraded by Leerink Partners to Market Perform

Leerink Partners downgraded shares of Elevation Oncology (NASDAQ:ELEV) from an outperform rating to a market perform rating in a report released on Friday, Marketbeat reports. They currently have $1.00 target price on the stock, down from their prior target price of $9.00.

Other research analysts also recently issued reports about the stock. Stephens reaffirmed an “overweight” rating and set a $5.00 price objective on shares of Elevation Oncology in a research report on Friday, March 7th. Piper Sandler downgraded shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $10.00 to $0.70 in a research report on Friday. JMP Securities reissued a “market outperform” rating and issued a $7.00 target price on shares of Elevation Oncology in a research report on Thursday, December 19th. HC Wainwright decreased their target price on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating for the company in a research report on Friday. Finally, Citizens Jmp downgraded shares of Elevation Oncology from an “outperform” rating to a “market perform” rating in a research report on Friday. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Elevation Oncology has a consensus rating of “Moderate Buy” and an average target price of $3.96.

Elevation Oncology Stock Performance

Shares of ELEV opened at $0.30 on Friday. The company’s 50 day moving average price is $0.59 and its 200 day moving average price is $0.60. Elevation Oncology has a 52 week low of $0.24 and a 52 week high of $5.83. The company has a market capitalization of $17.77 million, a PE ratio of -0.37 and a beta of 1.37. The company has a debt-to-equity ratio of 0.45, a quick ratio of 17.77 and a current ratio of 17.77.

Elevation Oncology (NASDAQ:ELEV) last announced its quarterly earnings data on Thursday, March 6th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. Research analysts expect that Elevation Oncology will post -0.84 EPS for the current fiscal year.

Institutional Trading of Elevation Oncology

Institutional investors and hedge funds have recently modified their holdings of the company. Velan Capital Investment Management LP acquired a new stake in shares of Elevation Oncology in the fourth quarter worth $25,000. Bank of America Corp DE raised its stake in 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 purchasing an additional 16,962 shares during the last quarter. SG Americas Securities LLC raised its stake in 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 purchasing an additional 15,560 shares during the last quarter. Two Sigma Securities LLC acquired a new position in Elevation Oncology during the 4th quarter valued at $35,000. Finally, Virtu Financial LLC acquired a new position in Elevation Oncology during the 4th quarter valued at $36,000. 83.70% of the stock is currently owned by institutional investors and hedge funds.

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.