Analyst Andrew Berens from Leerink Partners maintained a Hold rating on Elevation Oncology (ELEV – Research Report) and keeping the price target at $1.00.
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Andrew Berens has given his Hold rating due to a combination of factors impacting Elevation Oncology. The company is currently in the process of reviewing strategic alternatives following the discontinuation of its EO-3021 program. This uncertainty, combined with the company’s plans to file an IND application for EO-1022 in 2026, suggests a cautious approach.
Additionally, Elevation Oncology’s financial position shows a decrease in cash reserves, with projections indicating a cash runway extending only into the second half of 2026. These financial constraints, alongside the costs associated with workforce reductions and program discontinuation, contribute to the Hold rating. The company’s current cash and cash equivalents, after recent financial obligations, further underscore the need for a conservative outlook.