Leerink downgraded Elevation Oncology (ELEV) to Market Perform from Outperform with a price target of $1, down from $9, after the company announced that they will discontinue clinical development of EO-3021 based on updated data from a Phase 1 trial. Given the discontinuation of the lead asset and the early stage of development for EO-1022, the firm is moving to the sidelines pending greater visibility into the profile and commercial potential of EO-1022, the analyst tells investors.
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