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

Elevation Oncology, Inc. (NASDAQ:ELEV) has earned a consensus rating of “Buy” from the six ratings firms that are presently covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a buy rating. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $7.20.

ELEV has been the topic of a number of research analyst reports. 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. HC Wainwright reissued a “buy” rating and issued a $6.00 price target on shares of Elevation Oncology in a research note on Tuesday, January 14th. Stephens reissued an “overweight” rating and issued a $5.00 price target on shares of Elevation Oncology in a research note on Friday, December 6th. Finally, William Blair began coverage on Elevation Oncology in a research report on Friday, January 3rd. They set an “outperform” rating for the company.

Institutional Investors Weigh In On Elevation Oncology

Institutional investors have recently made changes to their positions in the company. Velan Capital Investment Management LP acquired a new stake in shares of Elevation Oncology during the 4th quarter valued at about $25,000. SG Americas Securities LLC acquired a new stake in shares of Elevation Oncology during the 3rd quarter valued at about $28,000. Bank of America Corp DE lifted 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 buying an additional 16,962 shares during the last quarter. Two Sigma Securities LLC acquired a new stake in shares of Elevation Oncology during the 4th quarter valued at about $35,000. Finally, Virtu Financial LLC acquired a new stake in Elevation Oncology in the 4th quarter worth approximately $36,000. 83.70% of the stock is currently owned by institutional investors and hedge funds.

Elevation Oncology Price Performance

Shares of ELEV opened at $0.52 on Friday. The stock’s fifty day moving average is $0.65 and its 200-day moving average is $0.63. The firm has a market capitalization of $30.97 million, a price-to-earnings ratio of -0.64 and a beta of 1.31. Elevation Oncology has a one year low of $0.50 and a one year high of $5.83. 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 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.