HomeMost PopularThe Ascent Begins: JMP Securities Embarks on Coverage of Elevation Oncology (ELEV)

The Ascent Begins: JMP Securities Embarks on Coverage of Elevation Oncology (ELEV)

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The Bright Outlook Painted on Elevation Oncology by JMP Securities

Fintel recently reported JMP Securities delving into the world of Elevation Oncology (NasdaqGS:ELEV), brandishing a bold β€œMarket Outperform” label on March 1, 2024.

Analyst Forecasts Paint a Picture of Promise

By February 24, 2024, the one-year price target for Elevation Oncology stood at 6.46, indicative of an optimistic 28.94% elevation from its latest closing price of 5.01.

The Financial Landscape Unveiled

The projected annual revenue for Elevation Oncology is a solid 8MM, with a projected annual non-GAAP EPS of -1.87.

Insight into Fund Sentiment

Recent data reveals that 55 funds or institutions bear positions in Elevation Oncology, marking a decrease of 4 owners (or 6.78%) in the last quarter. The average portfolio weight dedicated to ELEV across all funds is noted at 0.05%, mirroring a decrease of 34.28%. Collective institutional share holdings dwindled by 7.44% in the past three months to 26,121K shares.

Shareholder Activities Unpacked

ELEV / Elevation Oncology, Inc. Shares Held by Institutions

Tang Capital Management currently wields 3,668K shares, boasting an 8.65% slice of the ELEV pie. Interestingly, this position reflects a 9.06% decrease from their previous 4,000K share ownership. The firm also scaled back its ELEV portfolio allocation by a whopping 51.34% over the past quarter.

Similarly, Millennium Management maintains 2,990K shares, representing a 7.05% ownership of the company. Their ownership has decreased by 1.40% from the preceding 3,032K shares, coupled with a 31.48% reduction in ELEV portfolio allocation over the last quarter.

Moreover, venBio Partners, Aisling Capital Management, and Qiming U.S. Ventures Management display steadfast positions with no change in the ownership landscape over the past quarter.

A Glimpse into Elevation Oncology’s Roots

Elevation Oncology stands firm on the belief that every cancer patient should be well-informed about the intricacies of their disease and have access to therapies that can impede its progression. Their focus on making genomic tests actionable by crafting precision medicine tailored to individual results exemplifies their commitment to personalized patient care. The company’s lead candidate, seribantumab, targets tumor growth fueled by NRG1 fusions and is presently under clinical evaluation in the Phase 2 CRESTONE study, catering to patients with NRG1 fusion-driven tumors of any origin.

Fintel: Unleashing Information for Investing Enthusiasts

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This insightful narration originally surfaced on Fintel, laying bare the intricate details of Elevation Oncology’s unfolding journey.

As the pen dances across paper, the views and insights expressed here mirror the author’s perspectives and do not necessarily align with those of Nasdaq, Inc.

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