Elicio Therapeutics (NASDAQ:ELTX) Price Target Cut to $8.00 by Analysts at B. Riley Financial

Elicio Therapeutics (NASDAQ:ELTX) had its price objective cut by equities research analysts at B. Riley Financial to $8.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. B. Riley Financial’s price target points to a potential upside of 328.95% from the stock’s current price.

A number of other equities analysts have also weighed in on the company. LADENBURG THALM/SH SH initiated coverage on Elicio Therapeutics in a research report on Thursday, June 18th. They issued a “buy” rating and a $12.00 price target for the company. Weiss Ratings cut shares of Elicio Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, July 29th. JonesTrading downgraded shares of Elicio Therapeutics from a “buy” rating to a “hold” rating in a research report on Tuesday, June 16th. HC Wainwright restated a “buy” rating on shares of Elicio Therapeutics in a report on Tuesday, August 18th. Finally, Rodman & Renshaw restated a “buy” rating on shares of Elicio Therapeutics in a research report on Monday, June 15th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $15.00.

Elicio Therapeutics Price Performance

Shares of ELTX traded down $0.01 during midday trading on Thursday, reaching $1.86. The stock had a trading volume of 49,935 shares, compared to its average volume of 700,641. The firm’s 50 day moving average price is $2.73 and its 200-day moving average price is $7.08. Elicio Therapeutics has a 52 week low of $1.71 and a 52 week high of $16.00. The company has a market capitalization of $49.02 million, a P/E ratio of -0.86 and a beta of 1.29. The company has a debt-to-equity ratio of 1.20, a current ratio of 2.77 and a quick ratio of 2.77.

Elicio Therapeutics (NASDAQ:ELTX) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.43) EPS for the quarter, topping the consensus estimate of ($0.54) by $0.11. On average, analysts forecast that Elicio Therapeutics will post -2.1 earnings per share for the current fiscal year.

Institutional Trading of Elicio Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of ELTX. BlackRock Inc. acquired a new stake in shares of Elicio Therapeutics during the 2nd quarter valued at about $2,995,000. Deutsche Bank AG acquired a new position in Elicio Therapeutics in the second quarter worth approximately $49,000. Bank of New York Mellon Corp bought a new position in Elicio Therapeutics during the second quarter valued at approximately $62,000. Bank of America Corp DE raised its position in Elicio Therapeutics by 1,225.2% during the first quarter. Bank of America Corp DE now owns 15,333 shares of the company’s stock valued at $164,000 after acquiring an additional 14,176 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Elicio Therapeutics by 332.7% in the first quarter. Renaissance Technologies LLC now owns 121,631 shares of the company’s stock valued at $1,300,000 after acquiring an additional 93,520 shares during the last quarter. 35.03% of the stock is currently owned by hedge funds and other institutional investors.

About Elicio Therapeutics

Elicio Therapeutics is a clinical-stage biotechnology company developing cancer immunotherapies designed to activate and strengthen the immune system’s response to tumors. The company’s approach is based on its Amphiphile technology, which is intended to direct therapeutic agents to lymph nodes, where immune responses are initiated and expanded.

Elicio’s leading program, ELI-002, is an investigational therapeutic cancer vaccine targeting common KRAS mutations. The program is being studied in patients with certain solid tumors, including pancreatic and colorectal cancers, with the goal of treating minimal residual disease and reducing the risk of recurrence.