HC Wainwright Issues Pessimistic Forecast for Elevation Oncology (NASDAQ:ELEV) Stock Price

Elevation Oncology (NASDAQ:ELEV) had its target price lowered by HC Wainwright from $6.00 to $1.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price target points to a potential upside of 233.22% from the stock’s current price. HC Wainwright also issued estimates for Elevation Oncology’s FY2029 earnings at ($0.40) EPS.

A number of other equities research analysts have also recently issued reports on ELEV. William Blair restated an “outperform” rating and set a $5.00 price target on shares of Elevation Oncology in a report on Friday, March 7th. JMP Securities restated a “market outperform” rating and set a $7.00 price target on shares of Elevation Oncology in a report on Thursday, December 19th. Finally, Stephens restated an “overweight” rating and set a $5.00 price target on shares of Elevation Oncology in a report on Friday, March 7th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $3.96.

Elevation Oncology Trading Up 7.9 %

Shares of NASDAQ:ELEV opened at $0.30 on Friday. 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 1 year low of $0.24 and a 1 year high of $5.83. The firm has a fifty day moving average price of $0.59 and a 200 day moving average price of $0.60. 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 released its quarterly earnings results on Thursday, March 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.04. Analysts expect that Elevation Oncology will post -0.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ELEV. GSA Capital Partners LLP acquired a new position in Elevation Oncology in the third quarter worth about $260,000. State Street Corp raised its position in Elevation Oncology by 13.5% in the third 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. Sphera Funds Management LTD. raised its position in Elevation Oncology by 227.2% in the third quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock worth $648,000 after purchasing an additional 749,762 shares in the last quarter. Barclays PLC raised its position in Elevation Oncology by 302.4% in the third quarter. Barclays PLC now owns 72,077 shares of the company’s stock worth $43,000 after purchasing an additional 54,167 shares in the last quarter. Finally, Frazier Life Sciences Management L.P. raised its position in Elevation Oncology by 102.6% in the third quarter. Frazier Life Sciences Management L.P. now owns 5,993,579 shares of the company’s stock worth $3,596,000 after purchasing an additional 3,035,000 shares in the last quarter. Institutional investors and hedge funds 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.