H.C. Wainwright lowered the firm’s price target on Elevation Oncology (ELEV) to $1 from $6 and keeps a Buy rating on the shares after the company announced its intention to discontinue development of EO-3021 based on lower-than-expected efficacy achieved by the drug in its ongoing Phase 1 study. The firm has removed EO-3021 related revenues from its model and accounts for EO-1022 related revenues beginning in 2031 as well as adjusted expenses according to management guidance.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ELEV:
- Elevation Oncology downgraded to Neutral from Overweight at Piper Sandler
- Elevation Oncology’s Strategic Shift and Financial Stability Justify Hold Rating
- Elevation Oncology downgraded to Market Perform from Outperform at Citizens JMP
- Strategic Shift and Promising Developments Drive Buy Rating for Elevation Oncology
- Elevation Oncology: Strategic Shift and Workforce Reduction Amid Clinical Setback