H.C. Wainwright analyst Swayampakula Ramakanth has maintained their bullish stance on ELEV stock, giving a Buy rating today.
Swayampakula Ramakanth has given his Buy rating due to a combination of factors including Elevation Oncology’s financial performance and its promising clinical developments. Elevation’s financial results have outperformed expectations, with a reported net loss smaller than estimated. The company’s strong cash position, bolstered by recent capital raises, is expected to sustain operations well into 2025. This financial stability, paired with the company’s efficient use of capital, presents a case for potential future growth and value creation for investors.
The optimism in Ramakanth’s rating is further supported by the progress of ELEV’s clinical pipeline. A Phase 1 study of EO-3021 is advancing, with updates expected in the near future, and there are plans to extend this research into Japan—a strategic move considering the high incidence of gastric cancer in the region. Additionally, the upcoming presentation of preclinical data on ELEV’s HER3-targeting ADC program at a prestigious conference underscores the company’s innovative approach in oncology. These scientific advancements, coupled with a risk-adjusted net present value analysis of the company’s product candidates, underpin Ramakanth’s continued Buy rating and a 12-month price target for ELEV’s stock.
In another report released today, JMP Securities also assigned a Buy rating to the stock with a $7.00 price target.
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Elevation Oncology (ELEV) Company Description:
Elevation Oncology Inc is an oncology company focused on the development of targeted therapeutics for the treatment of cancer in genomically defined patient populations. Its lead program is focused on neuregulin-1, or NRG1, fusions, which are rare genomic alterations that have the potential to be therapeutically actionable through targeted HER3 inhibition.
Read More on ELEV:
- GoodRx upgraded, Fisker downgraded: Wall Street’s top analyst calls
- Elevation Oncology initiated with an Outperform at JMP Securities
- Elevation Oncology doses first patient in Japan in Phase 1 trial of EO-3021
- Elevation Oncology price target raised to $6 from $1.50 at H.C. Wainwright
- Elevation Oncology Appoints Darcy Mootz as New Director
