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Elevation Oncology downgraded to Equal Weight from Overweight at Stephens

Elevation Oncology downgraded to Equal Weight from Overweight at Stephens

Stephens downgraded Elevation Oncology (ELEV) to Equal Weight from Overweight with a price target of $1, down from $5, following recent news regarding the discontinuation of development for EO-3021. The firm has updated its FY25 and FY26 loss forecasts to (48c) and (23c) from (66c) and (73c), respectively, to reflect lower opex as a result of the workforce reduction and elimination of EO-3021 Phase 1 clinical development. The company has shifted focus to their in-house developed preclinical asset EO-1022, a HER3-targeting ADC, with preclinical data expected at the AACR Annual Meeting, the analyst noted.

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