Elevation Oncology (NASDAQ:ELEV) Upgraded at Zacks Investment Research

Elevation Oncology (NASDAQ:ELEV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, Zacks.com reports. The firm currently has a $8.75 price target on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 6.84% from the stock’s previous close.

According to Zacks, “Elevation Oncology Inc. is a clinical stage biopharmaceutical company. It focused on the development of precision medicines for patients with genomically defined cancers. Elevation Oncology Inc. is based in NEW YORK. “

Several other equities research analysts have also issued reports on the stock. Cowen assumed coverage on shares of Elevation Oncology in a research report on Tuesday, July 20th. They set an “outperform” rating and a $12.10 target price for the company. Wedbush assumed coverage on shares of Elevation Oncology in a research note on Tuesday, July 20th. They issued an “outperform” rating and a $27.00 target price on the stock. JPMorgan Chase & Co. started coverage on shares of Elevation Oncology in a research note on Tuesday, July 20th. They issued an “overweight” rating and a $24.00 target price on the stock. Finally, SVB Leerink started coverage on shares of Elevation Oncology in a research report on Tuesday, July 20th. They issued an “outperform” rating and a $20.00 target price for the company. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Elevation Oncology currently has a consensus rating of “Buy” and an average target price of $18.37.

Shares of ELEV stock opened at $8.19 on Tuesday. The firm has a 50-day moving average price of $9.84. Elevation Oncology has a one year low of $7.38 and a one year high of $16.22.

Elevation Oncology (NASDAQ:ELEV) last posted its quarterly earnings data on Thursday, August 12th. The company reported ($4.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($4.46). As a group, sell-side analysts expect that Elevation Oncology will post -2.02 EPS for the current year.

A number of large investors have recently modified their holdings of ELEV. venBio Partners LLC bought a new stake in Elevation Oncology in the second quarter worth $35,393,000. BVF Inc. IL bought a new position in Elevation Oncology during the second quarter valued at $21,580,000. Boxer Capital LLC purchased a new stake in shares of Elevation Oncology during the second quarter valued at $18,205,000. Samsara BioCapital LLC purchased a new stake in shares of Elevation Oncology during the second quarter valued at $12,650,000. Finally, Monashee Investment Management LLC purchased a new stake in shares of Elevation Oncology during the second quarter valued at $1,900,000. 69.73% of the stock is currently owned by institutional investors and hedge funds.

About Elevation Oncology

Elevation Oncology, Inc, a clinical-stage biopharmaceutical company, focuses on developing therapeutics for the treatment of cancer in genomically-defined patient populations in the United States. Its lead program is the seribantumab, an anti-HER3 monoclonal antibody that is in Phase II CRESTONE trial for the treatment of advanced solid tumors harboring a neuregulin-1 fusion.

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