Elevation Oncology (ELEV) News Today

Elevation Oncology, Inc. (NASDAQ:ELEV) shares are trading higher today after the company agreed to be acquired by Concentra Biosciences, though the rally is tempered by several analyst downgrades and legal scrutiny of the deal price.

• Concentra Biosciences agreed to acquire Elevation for $0.36 cash per share plus contingent value rights, sparking a strong stock reaction on merger news.
• Short interest fell 42.4% in May to 2.55 million shares, reducing bearish pressure; the current short-interest ratio stands at 1.5 days.

• HC Wainwright reiterated a “Neutral” rating with a Q3 2026 EPS estimate of $(0.11) and full-year consensus at $(0.84).
• William Blair and JMP Securities both reaffirmed their Market Perform/Neutral ratings, indicating steady analyst sentiment.

• Wedbush cut its Q2 2025 EPS forecast to $(0.32) from $(0.22) and sees full-year 2025 EPS at $(1.00), weakening near-term earnings outlook.
• TD Cowen and HC Wainwright downgraded the stock from Strong-Buy to Hold/Neutral, reflecting reduced bullish conviction.
• Kahn Swick & Foti, LLC launched an investigation into the adequacy of the acquisition price and process, adding uncertainty around deal closure.

Overall, takeover excitement and easing short interest are driving shares higher, while earnings cuts, rating downgrades and a shareholder lawsuit inject caution into the stock’s near-term outlook.