Sphera Funds Management LTD. Trims Position in Elevation Oncology, Inc. (NASDAQ:ELEV)

Sphera Funds Management LTD. cut its position in Elevation Oncology, Inc. (NASDAQ:ELEV) by 5.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,018,562 shares of the company’s stock after selling 61,200 shares during the period. Sphera Funds Management LTD. owned about 1.72% of Elevation Oncology worth $573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Barclays PLC increased its stake in shares of Elevation Oncology by 21.5% in the fourth quarter. Barclays PLC now owns 87,608 shares of the company’s stock worth $49,000 after purchasing an additional 15,531 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Elevation Oncology by 33.9% in the fourth quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock worth $35,000 after purchasing an additional 15,560 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Elevation Oncology by 42.5% in the fourth quarter. Bank of America Corp DE now owns 56,839 shares of the company’s stock worth $32,000 after purchasing an additional 16,962 shares in the last quarter. Millennium Management LLC increased its stake in shares of Elevation Oncology by 3.9% in the fourth quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock worth $459,000 after purchasing an additional 30,466 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Elevation Oncology by 175.9% in the third quarter. JPMorgan Chase & Co. now owns 61,334 shares of the company’s stock worth $37,000 after purchasing an additional 39,101 shares in the last quarter. 83.70% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. William Blair reaffirmed an “outperform” rating and set a $5.00 target price on shares of Elevation Oncology in a research note on Friday, March 7th. Stephens reaffirmed an “equal weight” rating and set a $1.00 target price (down from $5.00) on shares of Elevation Oncology in a research note on Monday, March 24th. Piper Sandler cut shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and cut their target price for the company from $10.00 to $0.70 in a research note on Friday, March 21st. HC Wainwright cut their target price on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Finally, Leerink Partnrs cut shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Elevation Oncology presently has an average rating of “Hold” and a consensus target price of $3.39.

Elevation Oncology Stock Performance

Shares of NASDAQ:ELEV opened at $0.30 on Friday. Elevation Oncology, Inc. has a 52 week low of $0.22 and a 52 week high of $4.33. The stock has a market capitalization of $17.76 million, a P/E ratio of -0.37 and a beta of 1.59. The firm has a fifty day simple moving average of $0.34 and a two-hundred day simple moving average of $0.52. The company has a quick ratio of 17.77, a current ratio of 17.77 and a debt-to-equity ratio of 0.45.

Elevation Oncology (NASDAQ:ELEV) last issued its quarterly earnings data on Thursday, March 6th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.04. On average, analysts expect that Elevation Oncology, Inc. will post -0.84 earnings per share for the current fiscal year.

Elevation Oncology 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.