HC Wainwright Reaffirms Buy Rating for Elevation Oncology (NASDAQ:ELEV)

HC Wainwright reiterated their buy rating on shares of Elevation Oncology (NASDAQ:ELEV) in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $6.00 target price on the stock.

Several other equities analysts have also commented on ELEV. JMP Securities reaffirmed a market outperform rating and set a $7.00 price target on shares of Elevation Oncology in a research report on Monday, July 15th. Wedbush restated an outperform rating and set a $8.00 price objective on shares of Elevation Oncology in a report on Tuesday. Stephens began coverage on Elevation Oncology in a report on Tuesday, May 14th. They issued an overweight rating and a $8.00 target price on the stock. Finally, Piper Sandler began coverage on Elevation Oncology in a report on Friday, May 31st. They issued an overweight rating and a $10.00 price objective on the stock. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of Buy and an average target price of $7.80.

Elevation Oncology Trading Down 6.4 %

Shares of NASDAQ:ELEV traded down $0.05 during midday trading on Wednesday, reaching $0.70. The company’s stock had a trading volume of 2,966,939 shares, compared to its average volume of 1,905,809. The business has a 50 day moving average price of $2.84 and a 200 day moving average price of $3.48. Elevation Oncology has a 1 year low of $0.36 and a 1 year high of $5.83. The firm has a market cap of $38.36 million, a price-to-earnings 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 posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.05. Research analysts forecast that Elevation Oncology will post -0.92 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ELEV. Farallon Capital Management LLC purchased a new stake in shares of Elevation Oncology in the first quarter worth about $19,939,000. Darwin Global Management Ltd. acquired a new stake in Elevation Oncology in the first quarter valued at approximately $11,968,000. Vanguard Group Inc. raised its stake in shares of Elevation Oncology by 30.8% during 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 during the period. Artal Group S.A. purchased a new stake in shares of Elevation Oncology during the first quarter valued at approximately $7,762,000. Finally, Affinity Asset Advisors LLC acquired a new position in shares of Elevation Oncology during the first quarter worth $6,509,000. 83.70% of the stock is owned by hedge funds and other 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.