Wedbush Weighs in on Elevation Oncology, Inc.’s Q2 2023 Earnings (NASDAQ:ELEV)

Posted by Defense World Staff on May 19th, 2023

Elevation Oncology, Inc. (NASDAQ:ELEV – Get Rating) – Equities research analysts at Wedbush lifted their Q2 2023 earnings estimates for Elevation Oncology in a report issued on Monday, May 15th. Wedbush analyst R. Driscoll now anticipates that the company will post earnings of ($0.25) per share for the quarter, up from their previous estimate of ($0.58). Wedbush has a “Outperform” rating and a $4.00 price objective on the stock. The consensus estimate for Elevation Oncology’s current full-year earnings is ($1.86) per share. Wedbush also issued estimates for Elevation Oncology’s Q3 2023 earnings at ($0.25) EPS, Q4 2023 earnings at ($0.26) EPS, FY2023 earnings at ($1.28) EPS, Q1 2024 earnings at ($0.27) EPS, Q2 2024 earnings at ($0.28) EPS, Q3 2024 earnings at ($0.29) EPS, Q4 2024 earnings at ($0.20) EPS, FY2024 earnings at ($1.02) EPS, FY2025 earnings at ($0.84) EPS, FY2026 earnings at ($0.77) EPS and FY2027 earnings at ($0.73) EPS.

Elevation Oncology Trading Up 26.8 %

ELEV opened at $5.06 on Thursday. Elevation Oncology has a 1-year low of $0.72 and a 1-year high of $5.10. The company has a current ratio of 5.60, a quick ratio of 5.93 and a debt-to-equity ratio of 0.88. The company has a market cap of $123.16 million, a P/E ratio of -0.69 and a beta of 0.88. The company has a fifty day moving average price of $2.51 and a two-hundred day moving average price of $1.54.

Elevation Oncology (NASDAQ:ELEV – Get Rating) last posted its quarterly earnings results on Thursday, March 9th. The company reported ($4.09) earnings per share for the quarter, missing the consensus estimate of ($0.67) by ($3.42).

Institutional Investors Weigh In On Elevation Oncology

Several hedge funds and other institutional investors have recently made changes to their positions in ELEV. BlackRock Inc. increased its position in shares of Elevation Oncology by 57.4% during the first quarter. BlackRock Inc. now owns 38,218 shares of the company’s stock worth $96,000 after acquiring an additional 13,936 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Elevation Oncology by 53.0% during the first quarter. Renaissance Technologies LLC now owns 25,400 shares of the company’s stock worth $64,000 after acquiring an additional 8,800 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Elevation Oncology during the second quarter worth about $31,000. Millennium Management LLC bought a new stake in shares of Elevation Oncology during the second quarter worth about $30,000. Finally, Annandale Capital LLC bought a new stake in shares of Elevation Oncology during the third quarter worth about $34,000. 68.01% of the stock is owned by institutional investors.

Elevation Oncology Company Profile

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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.