Elevation Oncology downgraded at Wedbush after EO-3021 discontinued

Wedbush downgraded Elevation Oncology (ELEV) to Neutral from Outperform with a price target of $1.60, down from $5, after the company announced that it has elected to discontinue development of EO-3021, an antibody-drug conjugate that Elevation was developing for the treatment of advanced, unresectable or metastatic gastric and gastroesophageal junction cancers. Elevation currently has $93.2M in cash and equivalents and with a 70% headcount reduction, the firm expects this to provide a runway into the second half of 2026, but it is choosing to move to the sidelines while waiting insight into the company’s path forward, the analyst tells investors.