Elevation Oncology (NASDAQ:ELEV) Given New $1.00 Price Target at HC Wainwright

Elevation Oncology (NASDAQ:ELEV) had its target price reduced by equities researchers at HC Wainwright from $6.00 to $1.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price points to a potential upside of 259.71% from the stock’s current price.

A number of other equities analysts have also recently weighed in on ELEV. Stephens reissued an “overweight” rating and set a $5.00 price objective on shares of Elevation Oncology in a report on Friday, March 7th. William Blair reaffirmed an “outperform” rating and issued a $5.00 price target on shares of Elevation Oncology in a research note on Friday, March 7th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $7.00 price target on shares of Elevation Oncology in a research note on Thursday, December 19th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $3.96.

Elevation Oncology Price Performance

Shares of Elevation Oncology stock opened at $0.28 on Friday. The firm has a market capitalization of $16.46 million, a PE ratio of -0.34 and a beta of 1.37. The company has a current ratio of 17.77, a quick ratio of 17.77 and a debt-to-equity ratio of 0.45. Elevation Oncology has a 12 month low of $0.24 and a 12 month high of $5.83. The business’s 50-day moving average price is $0.60 and its 200-day moving average price is $0.60.

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

Institutional Investors Weigh In On Elevation Oncology

A number of large investors have recently made changes to their positions in the business. Barclays PLC grew its position in shares of Elevation Oncology by 21.5% in the 4th quarter. Barclays PLC now owns 87,608 shares of the company’s stock worth $49,000 after buying an additional 15,531 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Elevation Oncology by 33.9% in the 4th quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock worth $35,000 after buying an additional 15,560 shares during the last quarter. Bank of America Corp DE grew its position in shares of Elevation Oncology by 42.5% in the 4th quarter. Bank of America Corp DE now owns 56,839 shares of the company’s stock worth $32,000 after buying an additional 16,962 shares during the last quarter. Two Sigma Advisers LP grew its position in shares of Elevation Oncology by 47.8% in the 4th quarter. Two Sigma Advisers LP now owns 84,400 shares of the company’s stock worth $47,000 after buying an additional 27,300 shares during the last quarter. Finally, Millennium Management LLC grew its position in shares of Elevation Oncology by 3.9% in the 4th quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock worth $459,000 after buying an additional 30,466 shares during the last quarter. 83.70% of the stock is currently owned by institutional investors.

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.