Andrew Berens, an analyst from Leerink Partners, maintained the Buy rating on Elevation Oncology (ELEV – Research Report). The associated price target is $8.00.
Andrew Berens’ Buy rating for Elevation Oncology (ELEV) is driven by a range of factors. ELEV’s third quarter results were in line with expectations, maintaining the timeline for its ongoing Phase 1 Trial, EO-3021. This trial is centered on Claudin18.2-targeting ADC, a drug licensed from a subsidiary of CSPC Pharmaceutical. It demonstrated a 38% objective response rate (ORR) in pre-treated Chinese patients suffering from gastric and pancreatic cancer, with a higher 47% ORR specifically in gastric patients. This promising preliminary data points to potential strong anti-tumor activity.
Furthermore, initial dose-escalation data is anticipated in the first half of 2025, which will provide additional insights into the drug’s safety, tolerability, and anti-tumor activity. The company’s financial health also contributed to the Buy rating; ELEV has a robust cash runway that extends into the second half of 2025, with cash and equivalents totaling approximately $94.8 million. This includes around $46.5 million in proceeds generated from a public offering in June 2023. Thus, the firm’s encouraging clinical trial data and solid financial position underpin Berens’ Buy recommendation.
In another report released on November 3, H.C. Wainwright also maintained a Buy rating on the stock with a $1.50 price target.
ELEV’s price has also changed dramatically for the past six months – from $3.270 to $0.440, which is a -86.54% drop .
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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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