Elevation Oncology (NASDAQ:ELEV) Lowered to Hold Rating by William Blair

Elevation Oncology (NASDAQ:ELEV) was downgraded by analysts at William Blair from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Marketbeat Ratings reports.

A number of other analysts have also recently issued reports on ELEV. Wedbush cut Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. Citigroup downgraded Elevation Oncology to a “market perform” rating in a research report on Friday, March 21st. Stephens reaffirmed an “equal weight” rating and set a $1.00 price target (down previously from $5.00) on shares of Elevation Oncology in a research report on Monday, March 24th. Piper Sandler downgraded Elevation Oncology from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $10.00 to $0.70 in a research report on Friday, March 21st. Finally, Citizens Jmp downgraded Elevation Oncology from an “outperform” rating to a “market perform” rating in a research report on Friday, March 21st. Eleven equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $3.39.

Elevation Oncology Stock Performance

Shares of ELEV stock opened at $0.38 on Monday. 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 stock has a market cap of $22.67 million, a PE ratio of -0.47 and a beta of 1.43. The stock has a 50-day moving average of $0.32 and a 200-day moving average of $0.49. Elevation Oncology has a one year low of $0.22 and a one year high of $3.60.

Elevation Oncology (NASDAQ:ELEV) last posted its earnings results on Thursday, May 15th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.04). As a group, sell-side analysts expect that Elevation Oncology will post -0.84 earnings per share for the current year.

Institutional Investors Weigh In On Elevation Oncology

Large investors have recently made changes to their positions in the stock. SG Americas Securities LLC boosted its holdings in shares of Elevation Oncology by 33.9% in the 4th quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock valued at $35,000 after buying an additional 15,560 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Elevation Oncology in the 4th quarter valued at approximately $36,000. Millennium Management LLC boosted its holdings in shares of Elevation Oncology by 3.9% in the 4th 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 during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Elevation Oncology by 4.3% in the 4th quarter. Geode Capital Management LLC now owns 1,157,572 shares of the company’s stock valued at $651,000 after buying an additional 47,487 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Elevation Oncology by 194.1% in the 4th quarter. JPMorgan Chase & Co. now owns 180,375 shares of the company’s stock valued at $101,000 after buying an additional 119,041 shares during 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.