Elevation Oncology, Inc. (NASDAQ:ELEV) Given Average Rating of “Buy” by Analysts

Shares of Elevation Oncology, Inc. (NASDAQ:ELEV) have been assigned a consensus rating of “Buy” from the six research firms that are currently covering the company, Marketbeat Ratings reports. Six analysts have rated the stock with a buy recommendation. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $7.20.

Several brokerages recently issued reports on ELEV. HC Wainwright restated a “buy” rating and set a $6.00 price objective on shares of Elevation Oncology in a research note on Tuesday, January 14th. Stephens restated an “overweight” rating and set a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, December 6th. JMP Securities restated a “market outperform” rating and set a $7.00 price objective on shares of Elevation Oncology in a research note on Thursday, December 19th. Finally, William Blair initiated coverage on Elevation Oncology in a research note on Friday, January 3rd. They set an “outperform” rating on the stock.

Elevation Oncology Stock Performance

Shares of ELEV opened at $0.52 on Friday. The business’s fifty day moving average price is $0.65 and its 200 day moving average price is $0.63. Elevation Oncology has a 12-month low of $0.50 and a 12-month high of $5.83. The stock has a market capitalization of $30.97 million, a PE ratio of -0.64 and a beta of 1.31. The company has a debt-to-equity ratio of 0.45, a current ratio of 17.77 and a quick ratio of 17.77.

Institutional Investors Weigh In On Elevation Oncology

A number of hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC lifted its stake in Elevation Oncology by 21.5% in the fourth quarter. Barclays PLC now owns 87,608 shares of the company’s stock valued at $49,000 after buying an additional 15,531 shares during the last quarter. SG Americas Securities LLC increased its holdings 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 during the period. Bank of America Corp DE increased its holdings 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 during the period. Two Sigma Advisers LP increased its holdings 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 during the period. Finally, Millennium Management LLC increased its holdings 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 during the period. 83.70% of the stock is currently 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.