Elevation Oncology (NASDAQ:ELEV) Stock Rating Lowered by Wedbush

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

ELEV has been the topic of several other reports. Piper Sandler cut Elevation Oncology from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $10.00 to $0.70 in a research report on Friday. William Blair reaffirmed an “outperform” rating and set a $5.00 price objective on shares of Elevation Oncology in a research report on Friday, March 7th. Leerink Partners cut Elevation Oncology from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $9.00 to $1.00 in a research report on Friday. Citizens Jmp cut Elevation Oncology from an “outperform” rating to a “market perform” rating in a research report on Friday. Finally, Stephens reaffirmed an “overweight” rating and set a $5.00 price objective on shares of Elevation Oncology in a research report on Friday, March 7th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $3.96.

Elevation Oncology Trading Up 7.9 %

Elevation Oncology stock opened at $0.30 on Thursday. The company has a current ratio of 17.77, a quick ratio of 17.77 and a debt-to-equity ratio of 0.45. The business’s fifty day simple moving average is $0.59 and its two-hundred day simple moving average is $0.60. Elevation Oncology has a 12 month low of $0.24 and a 12 month high of $5.83. The company has a market capitalization of $17.77 million, a price-to-earnings ratio of -0.37 and a beta of 1.37.

Elevation Oncology (NASDAQ:ELEV) last announced its quarterly earnings results on Thursday, March 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. As a group, equities analysts predict that Elevation Oncology will post -0.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Frazier Life Sciences Management L.P. lifted its holdings in Elevation Oncology by 102.6% in the third quarter. Frazier Life Sciences Management L.P. now owns 5,993,579 shares of the company’s stock valued at $3,596,000 after acquiring an additional 3,035,000 shares during the period. Geode Capital Management LLC raised its stake in shares of Elevation Oncology by 4.3% in the fourth quarter. Geode Capital Management LLC now owns 1,157,572 shares of the company’s stock worth $651,000 after buying an additional 47,487 shares during the period. Sphera Funds Management LTD. raised its stake in shares of Elevation Oncology by 227.2% in the third quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock worth $648,000 after buying an additional 749,762 shares during the period. State Street Corp raised its stake in shares of 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 buying an additional 120,993 shares during the period. Finally, Millennium Management LLC raised its stake in shares of Elevation Oncology by 3.9% in the fourth quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock worth $459,000 after buying an additional 30,466 shares during the period. Institutional investors own 83.70% of the company’s stock.

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.