Elevation Oncology initiated with an Overweight at Stephens

Stephens analyst Sudan Loganathan initiated coverage of Elevation Oncology with an Overweight rating and $8 price target. The company is developing a Claudin18.2 targeting agent – a well identified oncotarget for multiple solid tumor indications – and early data has signaled efficacy with a tolerable safety profile, the analyst tells investors in a research note. The ADC, or antibody-drug conjugate, approach is expected to supplant competitive technologies, the firm adds, also noting that Elevation’s cash runway into 2026 is sufficient to achieve data milestones and unlock additional capital.