Elevation Oncology (NASDAQ:ELEV) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of Elevation Oncology (NASDAQ:ELEVGet Rating) from a buy rating to a hold rating in a research report released on Tuesday morning, Zacks.com reports.

According to Zacks, “Elevation Oncology Inc. is a clinical stage biopharmaceutical company. It focused on the development of precision medicines for patients with genomically defined cancers. Elevation Oncology Inc. is based in NEW YORK. “

Separately, Wedbush cut their price objective on shares of Elevation Oncology from $21.00 to $15.00 and set an outperform rating for the company in a report on Friday, May 6th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Elevation Oncology presently has an average rating of Buy and an average price target of $14.39.

Shares of NASDAQ ELEV opened at $3.10 on Tuesday. The business’s 50 day moving average is $2.75 and its 200-day moving average is $4.66. The firm has a market cap of $72.09 million and a P/E ratio of -0.48. Elevation Oncology has a 1-year low of $2.28 and a 1-year high of $16.22.

Elevation Oncology (NASDAQ:ELEVGet Rating) last posted its quarterly earnings data on Thursday, March 3rd. The company reported ($0.41) earnings per share for the quarter, topping the consensus estimate of ($0.59) by $0.18. On average, research analysts predict that Elevation Oncology will post -2.06 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in the company. Marquette Asset Management LLC boosted its holdings in shares of Elevation Oncology by 332.5% during the 1st quarter. Marquette Asset Management LLC now owns 38,951 shares of the company’s stock valued at $98,000 after acquiring an additional 29,945 shares in the last quarter. Bailard Inc. bought a new position in Elevation Oncology in the first quarter valued at about $59,000. TCG Crossover Management LLC acquired a new stake in shares of Elevation Oncology during the fourth quarter valued at about $3,341,000. Goldman Sachs Group Inc. bought a new stake in shares of Elevation Oncology during the fourth quarter worth about $62,000. Finally, Susquehanna International Group LLP bought a new stake in shares of Elevation Oncology during the fourth quarter worth about $67,000. Institutional investors own 95.78% of the company’s stock.

About Elevation Oncology (Get Rating)

Elevation Oncology, Inc, a clinical-stage biopharmaceutical company, focuses on developing therapeutics for the treatment of cancer in genomically defined patient populations in the United States. The company's lead program is the seribantumab, an anti-HER3 monoclonal antibody that is in Phase II CRESTONE trial for the treatment of advanced solid tumors harboring a neuregulin-1 fusion.

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