Wedbush Downgrades Elevation Oncology (NASDAQ:ELEV) to Hold

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

ELEV has been the topic of several other reports. JMP Securities reissued a “market outperform” rating and set a $7.00 target price on shares of Elevation Oncology in a research note on Thursday, December 19th. Piper Sandler cut Elevation Oncology from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $10.00 to $0.70 in a research note on Friday. HC Wainwright reduced 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. Leerink Partners cut Elevation Oncology from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $9.00 to $1.00 in a research note on Friday. Finally, William Blair reissued an “outperform” rating and set a $5.00 target price on shares of Elevation Oncology in a research note on Friday, March 7th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $3.96.

Elevation Oncology Price Performance

Shares of Elevation Oncology stock opened at $0.30 on Thursday. 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 business’s 50 day simple moving average is $0.59 and its two-hundred day simple moving average is $0.60. The stock has a market capitalization of $17.77 million, a P/E ratio of -0.37 and a beta of 1.37. Elevation Oncology has a one year low of $0.24 and a one year high of $5.83.

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

Institutional Investors Weigh In On Elevation Oncology

Several hedge funds have recently made changes to their positions in the company. Barclays PLC boosted its position in shares of Elevation Oncology by 21.5% during the fourth quarter. Barclays PLC now owns 87,608 shares of the company’s stock valued at $49,000 after purchasing an additional 15,531 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of Elevation Oncology by 33.9% during the fourth 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 in the last quarter. Bank of America Corp DE boosted its position in shares of Elevation Oncology by 42.5% during the fourth 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 in the last quarter. Two Sigma Advisers LP boosted its position in shares of Elevation Oncology by 47.8% during the fourth 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. Finally, Millennium Management LLC boosted its position in shares of Elevation Oncology by 3.9% during the fourth quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock valued at $459,000 after purchasing an additional 30,466 shares in the last quarter. 83.70% of the stock is currently 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.