In a report released today, Swayampakula Ramakanth from H.C. Wainwright maintained a Buy rating on Elevation Oncology (ELEV – Research Report), with a price target of $6.00.
Swayampakula Ramakanth has given his Buy rating due to a combination of factors that highlight the potential of Elevation Oncology’s pipeline and financial position. The company’s development of the HER3-targeting ADC, EO-1022, is progressing well, with preclinical data showing promising tumor growth inhibition compared to other candidates. This positions EO-1022 favorably against existing benchmarks in the treatment of HER3-expressing cancers.
Additionally, Elevation Oncology is advancing its EO-3021 program, with significant data readouts expected in 2025, which could further validate the company’s approach in targeting Claudin 18.2 expressing cancers. Financially, despite reporting no revenues, the company has managed its resources effectively, maintaining sufficient cash reserves to support ongoing development. The valuation analysis, based on a risk-adjusted net present value model, supports a 12-month price target of $6.00 per share, reflecting confidence in the company’s future prospects despite inherent risks such as clinical and regulatory challenges.
Ramakanth covers the Healthcare sector, focusing on stocks such as Eton Pharmaceuticals, AbSci, and Ocugen. According to TipRanks, Ramakanth has an average return of 2.7% and a 34.20% success rate on recommended stocks.
In another report released today, JMP Securities also maintained a Buy rating on the stock with a $7.00 price target.