Elevation Oncology initiated with an Outperform at William Blair

William Blair initiated coverage of Elevation Oncology (ELEV) with an Outperform rating without a price target The shares offer “high potential reward for a relatively low upfront investment,” the analyst tells investors in a research note. The firm says an investment in Elevation provides investors with a “skewed risk/reward symmetry” through the company’s exposure to the “rapidly expanding” field of antibody-drug conjugates. Elevation’s lead program has demonstrated “encouraging” initial Phase I activity, contends William Blair.