Elevation Oncology, Inc. (NASDAQ:ELEV) Receives Average Rating of “Buy” from Brokerages

Elevation Oncology, Inc. (NASDAQ:ELEV) has received a consensus recommendation of “Buy” from the six research firms that are presently covering the stock, MarketBeat reports. Six research analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokers that have covered the stock in the last year is $6.83.

A number of brokerages recently commented on ELEV. HC Wainwright restated a “buy” rating and set a $6.00 price target on shares of Elevation Oncology in a research note on Monday, March 10th. William Blair restated an “outperform” rating and set a $5.00 price target 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 price target on shares of Elevation Oncology in a research note on Thursday, December 19th. Finally, Stephens restated an “overweight” rating and set a $5.00 price target on shares of Elevation Oncology in a research note on Friday, March 7th.

Elevation Oncology Stock Down 8.4 %

Elevation Oncology stock opened at $0.48 on Wednesday. Elevation Oncology has a twelve month low of $0.41 and a twelve month high of $5.83. The firm has a 50 day moving average price of $0.62 and a 200-day moving average price of $0.61. The company has a market capitalization of $28.51 million, a P/E ratio of -0.59 and a beta of 1.37. 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 (NASDAQ:ELEV) last released its earnings results on Thursday, March 6th. The company reported ($0.18) earnings per share 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 EPS for the current year.

Institutional Trading of Elevation Oncology

Several institutional investors and hedge funds have recently bought and sold shares of the company. Barclays PLC lifted its stake in Elevation Oncology by 21.5% in 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 in the last quarter. SG Americas Securities LLC lifted its stake in Elevation Oncology by 33.9% in the 4th quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock worth $35,000 after purchasing an additional 15,560 shares in the last quarter. Bank of America Corp DE lifted its stake in Elevation Oncology by 42.5% in the 4th quarter. Bank of America Corp DE now owns 56,839 shares of the company’s stock worth $32,000 after purchasing an additional 16,962 shares in the last quarter. Two Sigma Advisers LP lifted its stake in 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 purchasing an additional 27,300 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Elevation Oncology by 3.9% in the 4th 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. 83.70% of the stock is currently owned by hedge funds and other institutional investors.

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.