HC Wainwright Cuts Earnings Estimates for Elevation Oncology

Elevation Oncology, Inc. (NASDAQ:ELEV) – Analysts at HC Wainwright dropped their FY2024 earnings per share estimates for shares of Elevation Oncology in a research note issued to investors on Thursday, November 7th. HC Wainwright analyst S. Ramakanth now expects that the company will post earnings per share of ($0.85) for the year, down from their prior forecast of ($0.81). HC Wainwright currently has a “Buy” rating and a $6.00 price target on the stock. The consensus estimate for Elevation Oncology’s current full-year earnings is ($0.82) per share. HC Wainwright also issued estimates for Elevation Oncology’s Q4 2024 earnings at ($0.23) EPS, Q1 2025 earnings at ($0.23) EPS, Q2 2025 earnings at ($0.23) EPS, Q3 2025 earnings at ($0.24) EPS, Q4 2025 earnings at ($0.24) EPS, FY2025 earnings at ($0.94) EPS, FY2026 earnings at ($0.89) EPS, FY2027 earnings at ($0.87) EPS and FY2028 earnings at ($0.88) EPS.

Elevation Oncology (NASDAQ:ELEV) last released its earnings results on Wednesday, November 6th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.02).

Several other brokerages have also recently commented on ELEV. Wedbush reaffirmed an “outperform” rating and issued a $8.00 target price on shares of Elevation Oncology in a research report on Tuesday, August 6th. JMP Securities restated a “market outperform” rating and set a $7.00 price objective on shares of Elevation Oncology in a research report on Monday, July 15th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Elevation Oncology presently has a consensus rating of “Buy” and a consensus price target of $7.80.

Elevation Oncology Trading Up 12.6 %

NASDAQ ELEV opened at $0.65 on Monday. The firm’s 50 day moving average price is $0.59 and its two-hundred day moving average price is $1.95. The company has a debt-to-equity ratio of 0.38, a quick ratio of 41.10 and a current ratio of 41.10. Elevation Oncology has a twelve month low of $0.36 and a twelve month high of $5.83. The stock has a market cap of $38.42 million, a price-to-earnings ratio of -0.79 and a beta of 1.24.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC acquired a new position in Elevation Oncology in the first quarter worth approximately $63,000. American Century Companies Inc. increased 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 purchasing an additional 17,602 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Elevation Oncology during the 2nd quarter valued at $103,000. Rhumbline Advisers acquired a new stake in shares of Elevation Oncology in the 2nd quarter valued at $175,000. Finally, Bank of New York Mellon Corp bought a new stake in Elevation Oncology in the second quarter worth $415,000. 83.70% of the stock is owned by institutional investors and hedge funds.

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.