Elevation Oncology (NASDAQ:ELEV) Downgraded to “Neutral” Rating by Piper Sandler

Piper Sandler cut shares of Elevation Oncology (NASDAQ:ELEV) from an overweight rating to a neutral rating in a research note released on Friday morning, MarketBeat reports. The brokerage currently has $0.70 price objective on the stock, down from their prior price objective of $10.00.

Several other equities analysts also recently issued reports on ELEV. JMP Securities reissued a “market outperform” rating and issued a $7.00 target price on shares of Elevation Oncology in a research report on Thursday, December 19th. Stephens reissued an “overweight” rating and issued 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. Finally, William Blair reissued an “outperform” rating and issued a $5.00 target price on shares of Elevation Oncology in a research report on Friday, March 7th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $3.96.

Elevation Oncology Stock Performance

Shares of ELEV stock opened at $0.30 on Friday. The business’s fifty day simple moving average is $0.59 and its 200-day simple moving average is $0.60. The company has a market cap of $17.77 million, a PE ratio of -0.37 and a beta of 1.37. The company has a current ratio of 17.77, a quick ratio of 17.77 and a debt-to-equity ratio of 0.45. Elevation Oncology has a 12-month low of $0.24 and a 12-month high of $5.83.

Elevation Oncology (NASDAQ:ELEV) last issued its quarterly 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. Analysts expect that Elevation Oncology will post -0.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Elevation Oncology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Velan Capital Investment Management LP purchased a new stake in shares of Elevation Oncology during the 4th quarter worth about $25,000. Bank of America Corp DE boosted its stake in shares of Elevation Oncology by 42.5% during the 4th quarter. Bank of America Corp DE now owns 56,839 shares of the company’s stock worth $32,000 after acquiring an additional 16,962 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Elevation Oncology by 175.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 61,334 shares of the company’s stock worth $37,000 after acquiring an additional 39,101 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Elevation Oncology by 33.9% during the 4th quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock worth $35,000 after acquiring an additional 15,560 shares in the last quarter. Finally, Two Sigma Securities LLC purchased a new stake in shares of Elevation Oncology during the 4th quarter worth about $35,000. 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.