Citizens JMP downgraded Elevation Oncology (ELEV) to Market Perform from Outperform with no price target after the company announced the decision to discontinue development of its lead asset following a disappointing monotherapy update. Elevation will continue to advance EO-1022 and will initiate a process to evaluate strategic alternatives, but the firm is moving to the sidelines given the timeline to clinical data for EO-1022 and uncertainty around a hard-to-predict potential strategic transaction, the analyst tells investors.
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Read More on ELEV:
- Strategic Shift and Promising Developments Drive Buy Rating for Elevation Oncology
- Elevation Oncology: Strategic Shift and Workforce Reduction Amid Clinical Setback
- Elevation Oncology: Hold Rating Amidst Asset Discontinuation and Uncertain Prospects
- Elevation Oncology downgraded to Market Perform from Outperform at Leerink
- Elevation Oncology downgraded at Wedbush after EO-3021 discontinued
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