Elevation Oncology’s (ELEV) “Market Outperform” Rating Reiterated at JMP Securities

Elevation Oncology (NASDAQ:ELEV)‘s stock had its “market outperform” rating reiterated by research analysts at JMP Securities in a research report issued on Thursday,Benzinga reports. They currently have a $7.00 price target on the stock.

A number of other research firms have also recently issued reports on ELEV. HC Wainwright reiterated a “buy” rating and issued a $6.00 target price on shares of Elevation Oncology in a research note on Friday, December 13th. Stephens reissued an “overweight” rating and issued a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, December 6th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Elevation Oncology presently has a consensus rating of “Buy” and a consensus target price of $7.20.

Elevation Oncology Price Performance

NASDAQ:ELEV traded down $0.01 during trading hours on Thursday, reaching $0.62. The company had a trading volume of 117,425 shares, compared to its average volume of 1,475,582. The company has a quick ratio of 17.77, a current ratio of 17.77 and a debt-to-equity ratio of 0.45. The stock has a 50-day moving average of $0.60 and a two-hundred day moving average of $1.35. Elevation Oncology has a one year low of $0.44 and a one year high of $5.83. The firm has a market capitalization of $36.52 million, a PE ratio of -0.75 and a beta of 1.24.

Elevation Oncology (NASDAQ:ELEV) last posted its earnings results on Wednesday, November 6th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.02). Analysts forecast that Elevation Oncology will post -0.85 earnings per share for the current year.

Institutional Investors Weigh In On Elevation Oncology

A number of institutional investors and hedge funds have recently made changes to their positions in ELEV. Bank of New York Mellon Corp acquired a new stake in Elevation Oncology in the second quarter worth about $415,000. Rhumbline Advisers acquired a new stake in shares of Elevation Oncology during the 2nd quarter worth approximately $175,000. American Century Companies Inc. raised its stake in shares of Elevation Oncology by 55.7% during the second quarter. American Century Companies Inc. now owns 49,222 shares of the company’s stock worth $133,000 after buying an additional 17,602 shares during the last quarter. XTX Topco Ltd acquired a new position in Elevation Oncology in the second quarter valued at approximately $103,000. Finally, Logos Global Management LP boosted its stake in Elevation Oncology by 285.0% in the second quarter. Logos Global Management LP now owns 3,850,000 shares of the company’s stock valued at $10,395,000 after acquiring an additional 2,850,000 shares during the last quarter. Institutional investors own 83.70% of the company’s stock.

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.