Piper Sandler analyst Biren Amin downgraded Elevation Oncology (ELEV) to Neutral from Overweight with a price target of 70c, down from $10 after the company announced that it will be halting development of its lead asset, EO-3021, that was in Phase 1 development for the treatment of gastric and GEJ cancers. Though EO-3021 has demonstrated the potential for differentiated safety, the company felt that the 22% ORR efficacy observed in the monotherapy portion of the dose escalation trial wasn’t enough to warrant further development, notes the analyst, whose price target is now based on the projected cash on hand at year-end.
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Read More on ELEV:
- 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
- Elevation Oncology: Hold Rating Amidst Asset Discontinuation and Uncertain Prospects
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