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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