Elevation Oncology (NASDAQ:ELEV) Downgraded to “Hold” Rating by Leerink Partnrs

Leerink Partnrs lowered shares of Elevation Oncology (NASDAQ:ELEV) from a strong-buy rating to a hold rating in a research note released on Thursday,Zacks.com reports.

ELEV has been the topic of a number of other reports. Leerink Partners downgraded Elevation Oncology from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $9.00 to $1.00 in a research note on Friday. Stephens reaffirmed an “overweight” rating and issued a $5.00 price target on shares of Elevation Oncology in a report on Friday, March 7th. William Blair reaffirmed an “outperform” rating and set a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, March 7th. Piper Sandler cut shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $10.00 to $0.70 in a research note on Friday. Finally, Citizens Jmp downgraded shares of Elevation Oncology from an “outperform” rating to a “market perform” rating in a research note on Friday. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $3.96.

Elevation Oncology Price Performance

Elevation Oncology stock opened at $0.30 on Thursday. 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 business has a 50 day simple moving average of $0.59 and a 200-day simple moving average of $0.60. Elevation Oncology has a 12 month low of $0.24 and a 12 month high of $5.83. The stock has a market capitalization of $17.77 million, a PE ratio of -0.37 and a beta of 1.37.

Elevation Oncology (NASDAQ:ELEV) last issued its earnings results on Thursday, March 6th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.04. Equities analysts predict that Elevation Oncology will post -0.84 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Frazier Life Sciences Management L.P. boosted its stake in Elevation Oncology by 102.6% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 5,993,579 shares of the company’s stock valued at $3,596,000 after purchasing an additional 3,035,000 shares during the period. Geode Capital Management LLC boosted its stake in Elevation Oncology by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 1,157,572 shares of the company’s stock valued at $651,000 after purchasing an additional 47,487 shares in the last quarter. Sphera Funds Management LTD. grew its holdings in Elevation Oncology by 227.2% during the third quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock worth $648,000 after acquiring an additional 749,762 shares during the period. State Street Corp raised its holdings in shares of Elevation Oncology by 13.5% in the 3rd quarter. State Street Corp now owns 1,018,026 shares of the company’s stock worth $611,000 after purchasing an additional 120,993 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Elevation Oncology by 3.9% in the fourth quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock valued at $459,000 after buying an additional 30,466 shares in the last quarter. 83.70% of the stock is currently owned by institutional investors.

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.