Elevation Oncology’s (ELEV) Market Outperform Rating Reiterated at JMP Securities

JMP Securities restated their market outperform rating on shares of Elevation Oncology (NASDAQ:ELEV) in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a $7.00 price target on the stock.

ELEV has been the subject of a number of other research reports. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price objective on shares of Elevation Oncology in a research note on Friday, December 13th. Stephens restated an “overweight” rating and issued a $5.00 price target on shares of Elevation Oncology in a research note on Friday, December 6th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $7.20.

Elevation Oncology Price Performance

Shares of NASDAQ:ELEV opened at $0.58 on Thursday. The firm’s 50 day simple moving average is $0.60 and its two-hundred day simple moving average is $1.33. 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 capitalization of $34.29 million, a P/E ratio of -0.71 and a beta of 1.24. Elevation Oncology has a 1-year low of $0.44 and a 1-year high of $5.83.

Elevation Oncology (NASDAQ:ELEV) last released its earnings results on Wednesday, November 6th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.02). Research analysts expect that Elevation Oncology will post -0.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. American Century Companies Inc. boosted its stake in Elevation Oncology by 55.7% during the second quarter. American Century Companies Inc. now owns 49,222 shares of the company’s stock valued at $133,000 after buying an additional 17,602 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Elevation Oncology in the second quarter valued at $103,000. SG Americas Securities LLC purchased a new position in shares of Elevation Oncology in the third quarter valued at $28,000. Barclays PLC raised its stake in Elevation Oncology by 302.4% during the third quarter. Barclays PLC now owns 72,077 shares of the company’s stock valued at $43,000 after purchasing an additional 54,167 shares in the last quarter. Finally, Rhumbline Advisers purchased a new stake in Elevation Oncology during the second quarter valued at $175,000. 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.