Elevation Oncology (NASDAQ:ELEV) Given “Market Outperform” Rating at JMP Securities

JMP Securities reiterated their market outperform rating on shares of Elevation Oncology (NASDAQ:ELEV) in a research report report published on Thursday morning,Benzinga reports. They currently have a $7.00 target price on the stock.

Several other brokerages also recently weighed in on ELEV. Stephens reiterated an “overweight” rating and set a $5.00 price target on shares of Elevation Oncology in a research report on Friday, December 6th. HC Wainwright reissued a “buy” rating and set a $6.00 price target on shares of Elevation Oncology in a report on Friday, December 13th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Elevation Oncology currently has a consensus rating of “Buy” and an average target price of $7.20.

Elevation Oncology Trading Up 3.1 %

NASDAQ ELEV traded up $0.02 during trading on Thursday, hitting $0.65. 196,740 shares of the company’s stock traded hands, compared to its average volume of 1,472,973. The stock has a fifty day moving average of $0.60 and a two-hundred day moving average of $1.35. The firm has a market cap of $38.13 million, a P/E ratio of -0.79 and a beta of 1.24. The company has a debt-to-equity ratio of 0.45, a current ratio of 17.77 and a quick ratio of 17.77. Elevation Oncology has a 12-month low of $0.44 and a 12-month high of $5.83.

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

Institutional Trading of Elevation Oncology

Large investors have recently modified their holdings of the stock. Frazier Life Sciences Management L.P. grew its stake in shares of Elevation Oncology by 102.6% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 5,993,579 shares of the company’s stock worth $3,596,000 after acquiring an additional 3,035,000 shares in the last quarter. Logos Global Management LP raised its stake in shares of Elevation Oncology by 285.0% during the second quarter. Logos Global Management LP now owns 3,850,000 shares of the company’s stock worth $10,395,000 after acquiring an additional 2,850,000 shares in the last quarter. Sphera Funds Management LTD. boosted its position in Elevation Oncology by 227.2% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock valued at $648,000 after buying an additional 749,762 shares during the period. GSA Capital Partners LLP purchased a new position in Elevation Oncology during the 3rd quarter valued at $260,000. Finally, Affinity Asset Advisors LLC raised its stake in Elevation Oncology by 15.8% during the second quarter. Affinity Asset Advisors LLC now owns 1,468,825 shares of the company’s stock valued at $3,966,000 after buying an additional 200,000 shares during the last quarter. 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.