Elevation Oncology initiated with an Outperform at JMP Securities

JMP Securities initiated coverage of Elevation Oncology with an Outperform rating and $7 price target. The analyst says the company’s’ EO-3021 represents a new target for a well-established technology. The target Claudin 18.2 is substantially de-risked through naked antibodies, the analyst tells investors in a research note. JMP believes data on lead asset EO-3021 in the first half of 2024 in key indications with large unmet need will answer several key questions about the approach and should drive significant value.