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

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

A number of other brokerages have also issued reports on ELEV. Stephens reaffirmed an “overweight” rating and set a $5.00 target price on shares of Elevation Oncology in a research report on Friday, March 7th. HC Wainwright cut their target price on Elevation Oncology from $6.00 to $1.00 and set a “buy” rating on the stock in a research report on Friday. William Blair reaffirmed an “outperform” rating and set a $5.00 target price on shares of Elevation Oncology in a research report on Friday, March 7th. Citizens Jmp lowered Elevation Oncology from an “outperform” rating to a “market perform” rating in a research report on Friday. Finally, Piper Sandler lowered Elevation Oncology from an “overweight” rating to a “neutral” rating and set a $0.70 price target on the stock. in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $3.96.

Elevation Oncology Stock Down 41.8 %

ELEV opened at $0.28 on Friday. The stock’s fifty day moving average is $0.60 and its 200-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. The company has a debt-to-equity ratio of 0.45, a quick ratio of 17.77 and a current ratio of 17.77. Elevation Oncology has a one year low of $0.24 and a one year high of $5.83.

Elevation Oncology (NASDAQ:ELEV) last announced its earnings results on Thursday, March 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. On average, equities analysts predict that Elevation Oncology will post -0.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Barclays PLC grew its stake in Elevation Oncology by 302.4% in 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. SG Americas Securities LLC grew its stake in Elevation Oncology by 33.9% in the fourth 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 in the last quarter. Geode Capital Management LLC grew its stake in Elevation Oncology by 7.6% in the third 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 in the last quarter. JPMorgan Chase & Co. grew its stake in Elevation Oncology by 175.9% in the third 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 in the last quarter. Finally, State Street Corp grew its stake in Elevation Oncology by 13.5% in the third 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 in the last quarter. Hedge funds and other institutional investors 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.