Leerink Partners Downgrades Elevation Oncology (NASDAQ:ELEV) to Market Perform

Elevation Oncology (NASDAQ:ELEV) was downgraded by investment analysts at Leerink Partners from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Friday, MarketBeat reports. They presently have a $1.00 target price on the stock. Leerink Partners’ price target suggests a potential upside of 259.71% from the company’s previous close.

ELEV has been the subject of several other research reports. Piper Sandler lowered Elevation Oncology from an “overweight” rating to a “neutral” rating and set a $0.70 target price for the company. in a research report on Friday. Citizens Jmp lowered Elevation Oncology from an “outperform” rating to a “market perform” rating in a research report on Friday. William Blair reiterated an “outperform” rating and issued a $5.00 target price on shares of Elevation Oncology in a research report on Friday, March 7th. HC Wainwright decreased their target price on Elevation Oncology from $6.00 to $1.00 and set a “buy” rating for the company in a research report on Friday. Finally, JMP Securities reiterated a “market outperform” rating and issued a $7.00 target price on shares of Elevation Oncology in a research report on Thursday, December 19th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $3.96.

Elevation Oncology Price Performance

ELEV stock opened at $0.28 on Friday. The company has a quick ratio of 17.77, a current ratio of 17.77 and a debt-to-equity ratio of 0.45. Elevation Oncology has a 52-week low of $0.24 and a 52-week high of $5.83. The stock’s 50 day moving average is $0.60 and its two-hundred day moving average is $0.60. The company has a market capitalization of $16.46 million, a PE ratio of -0.34 and a beta of 1.37.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ELEV. Frazier Life Sciences Management L.P. boosted its position in 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 acquiring an additional 3,035,000 shares during the period. Sphera Funds Management LTD. boosted its position in Elevation Oncology by 227.2% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock worth $648,000 after acquiring an additional 749,762 shares during the period. GSA Capital Partners LLP acquired a new position in Elevation Oncology during the 3rd quarter worth $260,000. Allostery Investments LP acquired a new position in Elevation Oncology during the 4th quarter worth $243,000. Finally, Stonepine Capital Management LLC acquired a new position in Elevation Oncology during the 4th quarter worth $113,000. Institutional investors and hedge funds own 83.70% of the company’s stock.

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.