Elevation Oncology (NASDAQ:ELEV) Stock Rating Lowered by Leerink Partnrs

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

A number of other equities research analysts have also issued reports on the company. Stephens reissued an “overweight” rating and set a $5.00 price target on shares of Elevation Oncology in a research note on Friday, March 7th. JMP Securities reissued a “market outperform” rating and set a $7.00 price target on shares of Elevation Oncology in a research note on Thursday, December 19th. Citizens Jmp lowered Elevation Oncology from an “outperform” rating to a “market perform” rating in a research note on Friday. Leerink Partners lowered Elevation Oncology from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $9.00 to $1.00 in a research report on Friday. Finally, Piper Sandler lowered Elevation Oncology from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $10.00 to $0.70 in a research report on Friday. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $3.96.

Elevation Oncology Price Performance

Shares of Elevation Oncology stock opened at $0.30 on Thursday. Elevation Oncology has a one year low of $0.24 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. The stock has a market cap of $17.77 million, a price-to-earnings ratio of -0.37 and a beta of 1.37. The stock has a 50 day moving average price of $0.59 and a 200-day moving average price of $0.60.

Elevation Oncology (NASDAQ:ELEV) last issued its quarterly earnings results on Thursday, March 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. Equities analysts expect that Elevation Oncology will post -0.84 EPS for the current year.

Institutional Investors Weigh In On Elevation Oncology

A number of institutional investors and hedge funds have recently bought and sold shares of ELEV. Velan Capital Investment Management LP bought a new position in shares of Elevation Oncology in the 4th quarter worth $25,000. Bank of America Corp DE raised 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 acquiring an additional 16,962 shares in the last quarter. JPMorgan Chase & Co. raised 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 acquiring an additional 39,101 shares in the last quarter. SG Americas Securities LLC raised 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 acquiring an additional 15,560 shares in the last quarter. Finally, Two Sigma Securities LLC bought a new position in shares of Elevation Oncology in the 4th quarter worth $35,000. 83.70% of the stock is owned by 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.