Elevation Oncology (NASDAQ:ELEV) Stock Rating Lowered by Piper Sandler

Elevation Oncology (NASDAQ:ELEV) was downgraded by stock analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a report issued on Friday,Briefing.com Automated Import reports. They presently have a $0.70 price objective on the stock. Piper Sandler’s target price suggests a potential upside of 151.80% from the company’s previous close.

ELEV has been the subject of a number of other research reports. JMP Securities reiterated a “market outperform” rating and issued a $7.00 price objective on shares of Elevation Oncology in a report on Thursday, December 19th. William Blair reiterated an “outperform” rating and issued a $5.00 price target on shares of Elevation Oncology in a research note on Friday, March 7th. HC Wainwright cut their target price on Elevation Oncology from $6.00 to $1.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Stephens reissued an “overweight” rating and issued a $5.00 target price on shares of Elevation Oncology in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $3.96.

Elevation Oncology Price Performance

Shares of Elevation Oncology stock opened at $0.28 on Friday. The business has a 50 day moving average of $0.60 and a 200 day moving average of $0.60. Elevation Oncology has a 52 week low of $0.24 and a 52 week high of $5.83. The company has a quick ratio of 17.77, a current ratio of 17.77 and a debt-to-equity ratio of 0.45. The company has a market cap of $16.46 million, a PE ratio of -0.34 and a beta of 1.37.

Elevation Oncology (NASDAQ:ELEV) last released 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. As a group, equities research analysts forecast that Elevation Oncology will post -0.84 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ELEV. GSA Capital Partners LLP bought a new position in Elevation Oncology during the third quarter valued at approximately $260,000. State Street Corp grew its position in Elevation Oncology by 13.5% in the third quarter. State Street Corp now owns 1,018,026 shares of the company’s stock worth $611,000 after acquiring an additional 120,993 shares in the last quarter. Sphera Funds Management LTD. increased its position in shares of Elevation Oncology by 227.2% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock valued at $648,000 after purchasing an additional 749,762 shares during the last quarter. Barclays PLC increased its position in Elevation Oncology by 302.4% during the third quarter. Barclays PLC now owns 72,077 shares of the company’s stock valued at $43,000 after acquiring an additional 54,167 shares during the last quarter. Finally, Frazier Life Sciences Management L.P. boosted its stake in shares of Elevation Oncology by 102.6% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 5,993,579 shares of the company’s stock worth $3,596,000 after purchasing an additional 3,035,000 shares during the period. 83.70% of the stock is owned by hedge funds and other 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.