HC Wainwright Downgrades Elevation Oncology (NASDAQ:ELEV) to Neutral

Elevation Oncology (NASDAQ:ELEV) was downgraded by equities researchers at HC Wainwright from a “strong-buy” rating to a “neutral” rating in a report released on Tuesday, MarketBeat.com reports. HC Wainwright also issued estimates for Elevation Oncology’s Q4 2025 earnings at ($0.17) EPS, FY2025 earnings at ($0.71) EPS, Q1 2026 earnings at ($0.18) EPS, Q2 2026 earnings at ($0.19) EPS, Q3 2026 earnings at ($0.11) EPS, Q4 2026 earnings at ($0.13) EPS, FY2026 earnings at ($0.57) EPS, FY2027 earnings at ($0.46) EPS and FY2029 earnings at ($0.39) EPS.

A number of other brokerages also recently weighed in on ELEV. Leerink Partners downgraded shares of Elevation Oncology from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $9.00 to $1.00 in a research note on Friday, March 21st. William Blair downgraded Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research report on Monday. Leerink Partnrs lowered Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. Wedbush cut Elevation Oncology from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 20th. Finally, Citigroup lowered shares of Elevation Oncology to a “market perform” rating in a research note on Friday, March 21st. Eleven equities research analysts have rated the stock with a hold rating, According to MarketBeat, Elevation Oncology currently has an average rating of “Hold” and a consensus price target of $3.39.

Elevation Oncology Price Performance

Shares of ELEV stock traded up $0.00 during trading hours on Tuesday, hitting $0.38. The company had a trading volume of 426,535 shares, compared to its average volume of 1,499,905. The company has a debt-to-equity ratio of 0.45, a quick ratio of 17.77 and a current ratio of 17.77. The firm has a market capitalization of $22.57 million, a price-to-earnings ratio of -0.46 and a beta of 1.43. Elevation Oncology has a 12 month low of $0.22 and a 12 month high of $3.56. The firm’s fifty day moving average is $0.33 and its 200 day moving average is $0.49.

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

Hedge Funds Weigh In On Elevation Oncology

Institutional investors and hedge funds have recently made changes to their positions in the company. BML Capital Management LLC bought a new position in Elevation Oncology during the first quarter worth about $1,526,000. Geode Capital Management LLC lifted its holdings in shares of 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. Millennium Management LLC lifted its holdings in shares of Elevation Oncology by 3.9% during the 4th quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock valued at $459,000 after purchasing an additional 30,466 shares in the last quarter. Northern Trust Corp grew its position in shares of Elevation Oncology by 15.9% in the 4th quarter. Northern Trust Corp now owns 432,620 shares of the company’s stock valued at $243,000 after purchasing an additional 59,392 shares during the period. Finally, Allostery Investments LP acquired a new stake in Elevation Oncology during the 4th quarter worth approximately $243,000. Institutional investors and hedge funds own 83.70% of the company’s stock.

About Elevation Oncology

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.