Elevation Oncology (NASDAQ:ELEV) Given “Buy” Rating at HC Wainwright

Elevation Oncology (NASDAQ:ELEV)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $6.00 target price on the stock.

A number of other analysts have also recently commented on ELEV. Piper Sandler started coverage on Elevation Oncology in a research report on Friday, May 31st. They set an “overweight” rating and a $10.00 price objective for the company. Stephens began coverage on shares of Elevation Oncology in a research report on Tuesday, May 14th. They set an “overweight” rating and a $8.00 price target for the company. JMP Securities reissued a “market outperform” rating and issued a $7.00 price objective on shares of Elevation Oncology in a report on Monday, July 15th. Finally, Wedbush restated an “outperform” rating and set a $8.00 target price on shares of Elevation Oncology in a research report on Tuesday. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $7.80.

Elevation Oncology Stock Performance

Shares of NASDAQ ELEV traded down $0.03 during trading on Wednesday, reaching $0.75. 4,721,562 shares of the company traded hands, compared to its average volume of 1,898,697. The firm has a 50 day simple moving average of $2.90 and a 200-day simple moving average of $3.50. Elevation Oncology has a 52-week low of $0.36 and a 52-week high of $5.83. The stock has a market capitalization of $40.98 million, a PE ratio of -0.72 and a beta of 1.38. The company has a quick ratio of 46.22, a current ratio of 46.22 and a debt-to-equity ratio of 0.41.

Elevation Oncology (NASDAQ:ELEV) last issued its earnings results on Tuesday, August 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.05. Equities research analysts anticipate that Elevation Oncology will post -0.92 earnings per share for the current year.

Institutional Investors Weigh In On Elevation Oncology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Farallon Capital Management LLC bought a new position in shares of Elevation Oncology in the first quarter worth approximately $19,939,000. Darwin Global Management Ltd. purchased a new position in shares of Elevation Oncology during the 1st quarter valued at $11,968,000. Vanguard Group Inc. boosted its holdings in Elevation Oncology by 30.8% in the 1st quarter. Vanguard Group Inc. now owns 1,532,045 shares of the company’s stock worth $7,859,000 after buying an additional 360,799 shares during the period. Artal Group S.A. purchased a new stake in Elevation Oncology in the 1st quarter worth $7,762,000. Finally, Affinity Asset Advisors LLC purchased a new stake in Elevation Oncology in the 1st quarter worth $6,509,000. 83.70% of the stock is owned by hedge funds and other 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.