H.C. Wainwright analyst Swayampakula Ramakanth maintained a Buy rating on Elevation Oncology (ELEV – Research Report) today and set a price target of $1.50.
Swayampakula Ramakanth’s Buy rating on Elevation Oncology’s stock is influenced by a variety of factors. One of these includes the progression of the EO-3021 Clinical Program. The ongoing patient enrollment for the Phase 1 study investigating EO-3021, Elevation’s lead product candidate, is on track. This drug is being tested on patients with unresectable or metastatic solid tumors likely to express Claudin 18.2, with trials expected to enroll up to 120 patients. The primary focus of the study is on safety, tolerability, and preliminary anti-tumor activity. The company anticipates reporting preliminary safety and efficacy data in the first half of 2025.
Ramakanth also highlights the potential for a non-dilutive cash boost. This could result from a transaction related to seribantumab or an undisclosed ADC in the next 6-12 months, which could provide additional funding to develop EO-3021 and expand the current pipeline. On the financial side, despite reporting no revenues and a net loss, Elevation Oncology had cash and cash equivalents amounting to $54.9M at the end of 3Q23, which Ramakanth believes is adequate for funding operations. Additionally, he maintains a 12-month price target of $1.50 per share for ELEV, based on a risk-adjusted net present value analysis of projected future revenues from Elevation’s product candidates.
Ramakanth covers the Healthcare sector, focusing on stocks such as ImmunoGen, Harpoon Therapeutics, and Mediwound. According to TipRanks, Ramakanth has an average return of -28.5% and a 18.45% success rate on recommended stocks.
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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.
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