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Elevation Oncology downgraded to Hold from Buy at TD Cowen

TD Cowen analyst Marc Frahm downgraded Elevation Oncology (ELEV) to Hold from Buy after Concentra Biosciences agreed to acquire Elevation for 36c in cash per share plus one non-tradeable contingent value right. The firm views Elevation’s planned acquisition as “likely the best path forward” for shareholders given the limited ability of the company to establish a clearly differentiated ADC program with its existing cash runway, the analyst tells investors.

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