H.C. Wainwright slashes price target on Elevation Oncology Inc. [ELEV] – find out why.

Elevation Oncology Inc. [NASDAQ: ELEV] gained 62.24% or 0.89 points to close at $2.32 with a heavy trading volume of 20399965 shares. The company report on March 14, 2023 that Elevation Oncology to Present at the American Association of Cancer Research (AACR) Annual Meeting 2023.

From Robots to Self-Driving Cars: 5 AI Stocks to Consider for Your Portfolio

The artificial intelligence (AI) revolution is already here and it's about to change everything we know about everything. With the global market for AI projected to grow from $137 billion in 2022 to over $1.81 trillion by 2030, there's never been a better time to invest in this burgeoning industry. That's why we've compiled a list of the Top 5 AI Stocks to Buy for 2023. These companies are at the forefront of the AI revolution, and have the potential to deliver huge returns to investors like you.

Get our free report, "Top 5 AI Stocks to Buy for 2023".


– Company plans to highlight preclinical proof-of-concept data for EO-3021 in an oral presentation at the New Drugs on the Horizon special session.

Elevation Oncology, Inc. (Nasdaq: ELEV), an innovative oncology company focused on the discovery and development of selective cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs, today announced that preclinical proof-of-concept data for EO-3021 will be highlighted in an oral presentation at the New Drugs on the Horizon special session at the American Association for Cancer Research (AACR) Annual Meeting 2023, being held April 14-19, 2023 in Orlando, Florida. A poster highlighting the preclinical data for EO-3021, a potential best-in-class antibody-drug conjugate (ADC) designed to target Claudin 18.2, will also be presented at the conference.

It opened the trading session at $1.70, the shares rose to $2.38 and dropped to $1.66, the range by which the price of stock traded the whole day. The daily chart for ELEV points out that the company has recorded 79.84% gains over the past six months. However, it is still -222.22% lower than its most recent low trading price.

If we look at the average trading volume of 117.52K shares, ELEV reached to a volume of 20399965 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Elevation Oncology Inc. [ELEV]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ELEV shares is $4.17 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ELEV stock is a recommendation set at 2.40. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

H.C. Wainwright have made an estimate for Elevation Oncology Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 23, 2021.

The Average True Range (ATR) for Elevation Oncology Inc. is set at 0.22 The Price to Book ratio for the last quarter was 1.10, with the Price to Cash per share for the same quarter was set at 3.50.

Trading performance analysis for ELEV stock

Elevation Oncology Inc. [ELEV] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 74.44. With this latest performance, ELEV shares gained by 132.00% in over the last four-week period, additionally plugging by 79.84% over the last 6 months – not to mention a drop of -12.45% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ELEV stock in for the last two-week period is set at 79.52, with the RSI for the last a single of trading hit 83.22, and the three-weeks RSI is set at 76.28 for Elevation Oncology Inc. [ELEV]. The present Moving Average for the last 50 days of trading for this stock 1.1000, while it was recorded at 1.4800 for the last single week of trading, and 1.2000 for the last 200 days.

Elevation Oncology Inc. [ELEV]: A deeper dive into fundamental analysis

Return on Equity for this stock declined to -100.23, with Return on Assets sitting at -78.04.

Elevation Oncology Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 5.90 and a Current Ratio set at 5.90.

An analysis of insider ownership at Elevation Oncology Inc. [ELEV]

There are presently around $33 million, or 73.00% of ELEV stock, in the hands of institutional investors. The top three institutional holders of ELEV stocks are: AISLING CAPITAL MANAGEMENT LP with ownership of 2,834,910, which is approximately 0% of the company’s market cap and around 0.10% of the total institutional ownership; QIMING U.S. VENTURES MANAGEMENT, LLC, holding 2,370,142 shares of the stock with an approximate value of $5.5 million in ELEV stocks shares; and BVF INC/IL, currently with $5.36 million in ELEV stock with ownership of nearly 0% of the company’s market capitalization.

Positions in Elevation Oncology Inc. stocks held by institutional investors increased at the end of Thursday and at the time of the Thursday reporting period, where 10 institutional holders increased their position in Elevation Oncology Inc. [NASDAQ:ELEV] by around 546,845 shares. Additionally, 7 investors decreased positions by around 401,996 shares, while 13 investors held positions by with 13,475,329 shares. The mentioned changes placed institutional holdings at 14,424,170 shares, according to the latest SEC report filing. ELEV stock had 5 new institutional investments in for a total of 525,856 shares, while 3 institutional investors sold positions of 40,220 shares during the same period.


Please enter your comment!
Please enter your name here