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

JMP Securities reiterated their market outperform rating on shares of Elevation Oncology (NASDAQ:ELEV) in a research note published on Friday, Benzinga reports. JMP Securities currently has a $7.00 price target on the stock.

A number of other research firms have also recently commented on ELEV. Wedbush reiterated an outperform rating and issued a $8.00 price objective on shares of Elevation Oncology in a report on Friday, May 3rd. HC Wainwright reiterated a buy rating and set a $6.00 price target on shares of Elevation Oncology in a report on Tuesday, April 9th. Stephens assumed coverage on shares of Elevation Oncology in a report on Tuesday, May 14th. They issued an overweight rating and a $8.00 price objective on the stock. Finally, Piper Sandler assumed coverage on shares of Elevation Oncology in a research report on Friday, May 31st. They issued an overweight rating and a $10.00 target price on the stock. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of Buy and a consensus price target of $7.80.

Elevation Oncology Price Performance

Elevation Oncology stock opened at $2.70 on Friday. The company has a fifty day simple moving average of $3.48 and a 200-day simple moving average of $3.23. The company has a quick ratio of 46.22, a current ratio of 46.22 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $147.53 million, a price-to-earnings ratio of -2.60 and a beta of 1.52. Elevation Oncology has a 52-week low of $0.36 and a 52-week high of $5.83.

Elevation Oncology (NASDAQ:ELEV) last issued its earnings results on Thursday, May 2nd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.02). On average, equities analysts anticipate that Elevation Oncology will post -0.92 EPS for the current fiscal year.

Institutional Investors Weigh In On Elevation Oncology

Several institutional investors and hedge funds have recently modified their holdings of ELEV. SG Americas Securities LLC purchased a new position in Elevation Oncology during the 1st quarter valued at about $63,000. Affinity Asset Advisors LLC purchased a new position in shares of Elevation Oncology in the first quarter valued at approximately $6,509,000. Artal Group S.A. purchased a new position in shares of Elevation Oncology in the first quarter valued at approximately $7,762,000. Vanguard Group Inc. grew its holdings in shares of Elevation Oncology by 30.8% in the first quarter. Vanguard Group Inc. now owns 1,532,045 shares of the company’s stock valued at $7,859,000 after purchasing an additional 360,799 shares in the last quarter. Finally, Darwin Global Management Ltd. purchased a new stake in Elevation Oncology during the 1st quarter worth approximately $11,968,000. Hedge funds and other 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.