Elevation Oncology (NASDAQ:ELEV) Stock Price Down 0.1% – Should You Sell?

Elevation Oncology, Inc. (NASDAQ:ELEV) shares fell 0.1% during mid-day trading on Friday . The stock traded as low as $0.37 and last traded at $0.38. 1,157,931 shares were traded during mid-day trading, a decline of 22% from the average session volume of 1,478,535 shares. The stock had previously closed at $0.38.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ELEV. Stephens reissued an “equal weight” rating and issued a $1.00 price target (down previously from $5.00) on shares of Elevation Oncology in a research note on Monday, March 24th. Citigroup cut Elevation Oncology to a “market perform” rating in a report on Friday, March 21st. JMP Securities reiterated a “market perform” rating on shares of Elevation Oncology in a report on Tuesday, June 10th. Leerink Partners cut Elevation Oncology from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $9.00 to $1.00 in a report on Friday, March 21st. Finally, William Blair cut Elevation Oncology from a “strong-buy” rating to a “hold” rating in a report on Monday, June 9th. Eleven analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Elevation Oncology currently has an average rating of “Hold” and a consensus price target of $3.39.

Elevation Oncology Stock Down 0.1%

The company has a debt-to-equity ratio of 0.67, a quick ratio of 19.40 and a current ratio of 19.40. The company has a market cap of $22.21 million, a price-to-earnings ratio of -0.46 and a beta of 1.48. The stock’s fifty day moving average is $0.35 and its two-hundred day moving average is $0.45.

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 analysts’ consensus estimates of ($0.20) by ($0.04). Sell-side analysts predict that Elevation Oncology, Inc. will post -0.84 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Elevation Oncology

Several large investors have recently modified their holdings of ELEV. BML Capital Management LLC bought a new position in Elevation Oncology in the 1st quarter valued at $1,526,000. Deltec Asset Management LLC bought a new position in Elevation Oncology in the 2nd quarter valued at $527,000. Allostery Investments LP bought a new position in Elevation Oncology in the 4th quarter valued at $243,000. Palumbo Wealth Management LLC boosted its holdings in Elevation Oncology by 302.3% in the 1st quarter. Palumbo Wealth Management LLC now owns 278,002 shares of the company’s stock valued at $72,000 after purchasing an additional 208,897 shares during the period. Finally, Stonepine Capital Management LLC bought a new position in Elevation Oncology in the 4th quarter valued at $113,000. Hedge funds and other institutional investors 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.