Elevation Oncology (NASDAQ:ELEV) Rating Lowered to Market Perform at Citizens Jmp

Citizens Jmp cut shares of Elevation Oncology (NASDAQ:ELEV) from an outperform rating to a market perform rating in a report published on Friday, MarketBeat Ratings reports.

ELEV has been the topic of several other research reports. JMP Securities reaffirmed a “market outperform” rating and set a $7.00 price target on shares of Elevation Oncology in a research note on Thursday, December 19th. William Blair reissued an “outperform” rating and set a $5.00 price objective on shares of Elevation Oncology in a report on Friday, March 7th. HC Wainwright decreased their price objective on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating for the company in a report on Friday. Piper Sandler lowered shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $10.00 to $0.70 in a report on Friday. Finally, Stephens reissued an “overweight” rating and set a $5.00 price objective on shares of Elevation Oncology in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $3.96.

Elevation Oncology Stock Performance

Elevation Oncology stock opened at $0.30 on Friday. Elevation Oncology has a 12-month low of $0.24 and a 12-month high of $5.83. The company has a market capitalization of $17.77 million, a price-to-earnings ratio of -0.37 and a beta of 1.37. 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 firm’s fifty day moving average price is $0.59 and its 200 day moving average price is $0.60.

Elevation Oncology (NASDAQ:ELEV) last released its quarterly earnings results 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. On average, research analysts forecast that Elevation Oncology will post -0.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Barclays PLC boosted its holdings in shares of Elevation Oncology by 302.4% in the 3rd quarter. Barclays PLC now owns 72,077 shares of the company’s stock valued at $43,000 after buying an additional 54,167 shares during the period. SG Americas Securities LLC boosted its stake in Elevation Oncology by 33.9% during the 4th quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock valued at $35,000 after purchasing an additional 15,560 shares during the period. Geode Capital Management LLC boosted its stake in Elevation Oncology by 7.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,110,085 shares of the company’s stock valued at $666,000 after purchasing an additional 78,509 shares during the period. JPMorgan Chase & Co. boosted its stake in Elevation Oncology by 175.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 61,334 shares of the company’s stock valued at $37,000 after purchasing an additional 39,101 shares during the period. Finally, State Street Corp boosted its stake in Elevation Oncology by 13.5% during the 3rd quarter. State Street Corp now owns 1,018,026 shares of the company’s stock valued at $611,000 after purchasing an additional 120,993 shares during the period. 83.70% of the stock is owned by institutional investors and hedge funds.

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.