JMP Securities analyst Silvan Tuerkcan has maintained their bullish stance on ELEV stock, giving a Buy rating today.
Silvan Tuerkcan has given his Buy rating due to a combination of factors, including Elevation Oncology’s strategic advancements and financial position. The company has broadened its enrollment criteria for its EO-3021 trial, which is expected to yield significant data updates in the first half of 2025. This expansion is seen as a positive step towards capturing a larger patient population, enhancing the potential impact of their leading CLDN18.2 ADC. Additionally, the company’s financial health, with a cash balance sufficient to support operations into 2026, provides a stable foundation for continued development.
Furthermore, the anticipated updates on EO-3021 monotherapy data are expected to validate its efficacy and safety profile, which previously showed promising response rates. The unique design of EO-3021, including its glutamine conjugation, suggests an advantage in tolerability, potentially reducing adverse effects like neuropathy and anemia. This makes it a strong candidate for combination strategies in earlier lines of treatment for gastric and gastroesophageal junction cancers. The addition of preclinical data on their HER3 asset also broadens Elevation Oncology’s pipeline, indicating a strategic approach to exploring new therapeutic settings beyond current scopes.
According to TipRanks, Tuerkcan is an analyst with an average return of -1.8% and a 34.88% success rate. Tuerkcan covers the Healthcare sector, focusing on stocks such as Solid Biosciences, Relay Therapeutics, and Exelixis.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $10.00 price target.