Elevation Oncology (NASDAQ:ELEV) Receives “Outperform” Rating from Wedbush

Wedbush restated their outperform rating on shares of Elevation Oncology (NASDAQ:ELEV) in a research note released on Tuesday morning, RTT News reports. Wedbush currently has a $8.00 price objective on the stock. Wedbush also issued estimates for Elevation Oncology’s Q3 2024 earnings at ($0.20) EPS, Q4 2024 earnings at ($0.21) EPS, FY2024 earnings at ($0.81) EPS, Q1 2025 earnings at ($0.16) EPS, Q2 2025 earnings at ($0.15) EPS, Q3 2025 earnings at ($0.16) EPS, Q4 2025 earnings at ($0.17) EPS and FY2025 earnings at ($0.64) EPS.

A number of other research firms have also issued reports on ELEV. HC Wainwright reissued a buy rating and set a $6.00 price target on shares of Elevation Oncology in a research report on Tuesday, April 9th. JMP Securities reissued a market outperform rating and set a $7.00 target price on shares of Elevation Oncology in a report on Monday, July 15th. Piper Sandler started coverage on shares of Elevation Oncology in a research report on Friday, May 31st. They set an overweight rating and a $10.00 target price for the company. Finally, Stephens started coverage on Elevation Oncology in a research report on Tuesday, May 14th. They set an overweight rating and a $8.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Elevation Oncology has an average rating of Buy and an average price target of $7.80.

Elevation Oncology Stock Performance

Shares of NASDAQ ELEV traded up $0.05 during mid-day trading on Tuesday, hitting $0.78. The stock had a trading volume of 1,431,997 shares, compared to its average volume of 1,912,208. The firm has a market cap of $42.48 million, a PE ratio of -0.75 and a beta of 1.38. The company has a debt-to-equity ratio of 0.41, a quick ratio of 46.22 and a current ratio of 46.22. The company has a 50 day moving average of $2.71 and a two-hundred day moving average of $3.45. Elevation Oncology has a twelve month low of $0.36 and a twelve month high of $5.83.

Elevation Oncology (NASDAQ:ELEV) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.05. Research analysts predict that Elevation Oncology will post -0.92 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. SG Americas Securities LLC acquired a new position in Elevation Oncology in the 1st quarter worth about $63,000. American Century Companies Inc. raised its stake in shares of Elevation Oncology by 55.7% during the 2nd 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 period. Rhumbline Advisers purchased a new position in shares of Elevation Oncology during the 2nd quarter valued at approximately $175,000. Bank of New York Mellon Corp purchased a new position in Elevation Oncology during the second quarter valued at $415,000. Finally, Affinity Asset Advisors LLC acquired a new stake in Elevation Oncology in the 1st quarter worth about $6,509,000. Institutional investors and hedge funds own 83.70% of the company’s stock.

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.