Elevation Oncology (NASDAQ:ELEV) Cut to Neutral at Piper Sandler

Elevation Oncology (NASDAQ:ELEV) was downgraded by Piper Sandler from an “overweight” rating to a “neutral” rating in a research note issued to investors on Friday,Briefing.com Automated Import reports. They currently have a $0.70 price target on the stock. Piper Sandler’s price target points to a potential upside of 151.80% from the stock’s current price.

Several other equities analysts have also weighed in on ELEV. HC Wainwright reduced their price target on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating for the company in a research report on Friday. Stephens reissued an “overweight” rating and set a $5.00 target price on shares of Elevation Oncology in a research report on Friday, March 7th. JMP Securities reaffirmed a “market outperform” rating and issued a $7.00 price target on shares of Elevation Oncology in a report on Thursday, December 19th. Finally, William Blair reissued an “outperform” rating and set a $5.00 price objective on shares of Elevation Oncology in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $3.96.

Elevation Oncology Trading Down 41.8 %

Shares of ELEV stock opened at $0.28 on Friday. Elevation Oncology has a 52-week low of $0.24 and a 52-week high of $5.83. The company has a 50-day simple moving average of $0.60 and a two-hundred day simple moving average of $0.60. 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 company has a market capitalization of $16.46 million, a price-to-earnings ratio of -0.34 and a beta of 1.37.

Elevation Oncology (NASDAQ:ELEV) last released its earnings results on Thursday, March 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.04. Research analysts anticipate that Elevation Oncology will post -0.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. GSA Capital Partners LLP purchased a new position in Elevation Oncology during the 3rd quarter valued at about $260,000. State Street Corp increased its holdings in shares of Elevation Oncology by 13.5% in the 3rd quarter. State Street Corp now owns 1,018,026 shares of the company’s stock worth $611,000 after buying an additional 120,993 shares during the last quarter. Sphera Funds Management LTD. raised its position in shares of Elevation Oncology by 227.2% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock valued at $648,000 after buying an additional 749,762 shares in the last quarter. Barclays PLC lifted its stake in Elevation Oncology by 302.4% during 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 during the last quarter. Finally, Frazier Life Sciences Management L.P. lifted its position in Elevation Oncology by 102.6% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 5,993,579 shares of the company’s stock worth $3,596,000 after buying an additional 3,035,000 shares during the last quarter. 83.70% of the stock is owned by institutional investors.

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.