William Blair Initiates Coverage on Elevation Oncology (NASDAQ:ELEV)

William Blair assumed coverage on shares of Elevation Oncology (NASDAQ:ELEV) in a report published on Friday, MarketBeat Ratings reports. The brokerage issued an outperform rating on the stock.

ELEV has been the topic of several other reports. Stephens reaffirmed an “overweight” rating and set a $5.00 target price on shares of Elevation Oncology in a report on Friday, December 6th. HC Wainwright reiterated a “buy” rating and issued a $6.00 target price on shares of Elevation Oncology in a report on Friday, December 13th. Finally, JMP Securities restated a “market outperform” rating and issued a $7.00 price target on shares of Elevation Oncology in a research report on Thursday, December 19th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $7.20.

Elevation Oncology Stock Performance

Elevation Oncology stock opened at $0.66 on Friday. The business’s 50-day moving average price is $0.61 and its two-hundred day moving average price is $1.11. Elevation Oncology has a 12-month low of $0.50 and a 12-month high of $5.83. 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 market cap of $39.24 million, a PE ratio of -0.81 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 analysts’ consensus estimates of ($0.20) by ($0.02). As a group, analysts expect that Elevation Oncology will post -0.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Elevation Oncology

Institutional investors have recently made changes to their positions in the stock. Frazier Life Sciences Management L.P. increased its holdings in shares of Elevation Oncology by 102.6% during the third quarter. Frazier Life Sciences Management L.P. now owns 5,993,579 shares of the company’s stock valued at $3,596,000 after acquiring an additional 3,035,000 shares in the last quarter. Logos Global Management LP increased its position in shares of Elevation Oncology by 285.0% during the second quarter. Logos Global Management LP now owns 3,850,000 shares of the company’s stock worth $10,395,000 after acquiring an additional 2,850,000 shares in the last quarter. Sphera Funds Management LTD. boosted its stake in Elevation Oncology by 227.2% during the 3rd quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock valued at $648,000 after purchasing an additional 749,762 shares during the last quarter. GSA Capital Partners LLP bought a new stake in Elevation Oncology during the 3rd quarter worth approximately $260,000. Finally, Affinity Asset Advisors LLC raised its stake in shares of Elevation Oncology by 15.8% in the second quarter. Affinity Asset Advisors LLC now owns 1,468,825 shares of the company’s stock worth $3,966,000 after purchasing an additional 200,000 shares during the last quarter. Institutional investors and hedge funds 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.