TD Cowen analyst Marc Frahm has maintained their bullish stance on ELEV stock, giving a Buy rating today.
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Marc Frahm has given his Buy rating due to a combination of factors that highlight Elevation Oncology’s strategic positioning and financial outlook. Despite reporting a net loss in the first quarter, the company maintains a solid cash balance, which is projected to support operations into the second half of 2026. This financial stability is further reinforced by the recent extinguishment of debt, leaving Elevation with an expected cash balance of $30-35 million at the end of the second quarter, potentially offering significant upside compared to current share prices.
Additionally, Elevation Oncology’s focus on developing EO-1022, a HER3 ADC candidate, underscores its commitment to innovation in the oncology space. The company’s strategic decision to discontinue EO-3021 and concentrate resources on EO-1022, which has shown promising preclinical data, reflects a targeted approach to drug development. This candidate is expected to offer differentiated characteristics that could expand its applicability in treating various solid tumors, with an IND filing anticipated in 2026. These strategic moves and financial projections contribute to Frahm’s positive outlook on the company’s future performance.