Northern Trust Corp Purchases 59,392 Shares of Elevation Oncology, Inc. (NASDAQ:ELEV)

Northern Trust Corp increased its position in shares of Elevation Oncology, Inc. (NASDAQ:ELEV) by 15.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 432,620 shares of the company’s stock after purchasing an additional 59,392 shares during the quarter. Northern Trust Corp owned approximately 0.73% of Elevation Oncology worth $243,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in shares of Elevation Oncology by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 1,157,572 shares of the company’s stock worth $651,000 after buying an additional 47,487 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Elevation Oncology by 194.1% during the fourth quarter. JPMorgan Chase & Co. now owns 180,375 shares of the company’s stock valued at $101,000 after acquiring an additional 119,041 shares during the last quarter. Barclays PLC lifted its holdings in Elevation Oncology by 21.5% during the fourth quarter. Barclays PLC now owns 87,608 shares of the company’s stock worth $49,000 after acquiring an additional 15,531 shares during the period. Palumbo Wealth Management LLC lifted its holdings in Elevation Oncology by 294.5% during the fourth quarter. Palumbo Wealth Management LLC now owns 69,105 shares of the company’s stock worth $39,000 after acquiring an additional 51,590 shares during the period. Finally, Virtu Financial LLC purchased a new position in Elevation Oncology in the fourth quarter worth $36,000. 83.70% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on ELEV shares. Piper Sandler cut Elevation Oncology from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $10.00 to $0.70 in a research note on Friday, March 21st. Stephens restated an “equal weight” rating and set a $1.00 price objective (down previously from $5.00) on shares of Elevation Oncology in a report on Monday, March 24th. Wedbush cut shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. Leerink Partners downgraded shares of Elevation Oncology from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $9.00 to $1.00 in a research report on Friday, March 21st. Finally, HC Wainwright lowered their price target on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating on the stock in a report on Friday, March 21st. Seven analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $3.39.

Elevation Oncology Stock Performance

NASDAQ ELEV opened at $0.31 on Tuesday. The firm has a market cap of $18.44 million, a P/E ratio of -0.38 and a beta of 1.59. 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 company’s 50 day moving average is $0.31 and its 200-day moving average is $0.50. Elevation Oncology, Inc. has a 12-month low of $0.22 and a 12-month high of $4.06.

Elevation Oncology (NASDAQ:ELEV) last issued its earnings results on Thursday, May 15th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.04). Sell-side analysts predict that Elevation Oncology, Inc. will post -0.84 earnings per share for the current year.

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.