Elevation Oncology (NASDAQ:ELEV) Downgraded to “Hold” Rating by Leerink Partnrs

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

Several other research analysts also recently weighed in on the company. William Blair restated an “outperform” rating and set a $5.00 target price on shares of Elevation Oncology in a research note on Friday, March 7th. JMP Securities restated a “market outperform” rating and set a $7.00 target price on shares of Elevation Oncology in a research note on Thursday, December 19th. Citizens Jmp downgraded Elevation Oncology from an “outperform” rating to a “market perform” rating in a research note on Friday. Piper Sandler downgraded Elevation Oncology from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $10.00 to $0.70 in a research note on Friday. Finally, Leerink Partners downgraded Elevation Oncology from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $9.00 to $1.00 in a research note on Friday. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $3.96.

Elevation Oncology Stock Up 7.9 %

Shares of ELEV stock opened at $0.30 on Thursday. Elevation Oncology has a 1-year low of $0.24 and a 1-year high of $5.83. The stock’s fifty day moving average price is $0.59 and its 200 day moving average price is $0.60. 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 company has a market cap 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 earnings results on Thursday, March 6th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.22) by $0.04. On average, research analysts expect that Elevation Oncology will post -0.84 earnings per share for the current fiscal year.

Institutional Trading of Elevation Oncology

A number of hedge funds have recently modified their holdings of the stock. Velan Capital Investment Management LP purchased a new stake in shares of Elevation Oncology in the fourth quarter worth about $25,000. Two Sigma Advisers LP boosted its stake in shares of Elevation Oncology by 47.8% in the fourth quarter. Two Sigma Advisers LP now owns 84,400 shares of the company’s stock worth $47,000 after buying an additional 27,300 shares during the last quarter. Stonepine Capital Management LLC purchased a new stake in shares of Elevation Oncology in the fourth quarter worth about $113,000. Millennium Management LLC boosted 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 last quarter. Finally, Deutsche Bank AG boosted its stake in shares of Elevation Oncology by 550.5% in the fourth quarter. Deutsche Bank AG now owns 188,771 shares of the company’s stock worth $106,000 after buying an additional 159,751 shares during the last quarter. 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.