HC Wainwright Reaffirms Buy Rating for Elevation Oncology (NASDAQ:ELEV)

Elevation Oncology (NASDAQ:ELEV)‘s stock had its “buy” rating reissued by analysts at HC Wainwright in a report released on Monday,Benzinga reports. They presently have a $6.00 target price on the stock.

Several other research firms also recently weighed in on ELEV. William Blair reissued an “outperform” rating and issued a $5.00 price target on shares of Elevation Oncology in a research note on Friday. Stephens reissued an “overweight” rating and issued a $5.00 target price on shares of Elevation Oncology in a research note on Friday. Finally, JMP Securities restated a “market outperform” rating and set a $7.00 target price on shares of Elevation Oncology in a report on Thursday, December 19th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Elevation Oncology has a consensus rating of “Buy” and a consensus price target of $6.83.

Elevation Oncology Price Performance

Shares of Elevation Oncology stock opened at $0.51 on Monday. The stock has a market capitalization of $30.20 million, a P/E ratio of -0.62 and a beta of 1.37. The business has a 50 day simple moving average of $0.64 and a two-hundred day simple moving average of $0.62. Elevation Oncology has a 12 month low of $0.41 and a 12 month high of $5.83. The company has a debt-to-equity ratio of 0.45, a current ratio of 17.77 and a quick ratio of 17.77.

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

Institutional Trading of Elevation Oncology

Several hedge funds have recently made changes to their positions in the company. Barclays PLC increased its position in shares of Elevation Oncology by 21.5% during the 4th quarter. Barclays PLC now owns 87,608 shares of the company’s stock worth $49,000 after purchasing an additional 15,531 shares during the last quarter. SG Americas Securities LLC increased 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 acquiring an additional 15,560 shares during the last quarter. Bank of America Corp DE raised its stake 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 valued at $32,000 after acquiring an additional 16,962 shares during the period. Two Sigma Advisers LP lifted its holdings in shares of Elevation Oncology by 47.8% in the 4th quarter. Two Sigma Advisers LP now owns 84,400 shares of the company’s stock worth $47,000 after acquiring an additional 27,300 shares during the last quarter. Finally, Millennium Management LLC boosted its position in shares of Elevation Oncology by 3.9% during the 4th quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock worth $459,000 after purchasing an additional 30,466 shares during the period. Hedge funds and other 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.