Elevation Oncology, Inc. (NASDAQ:ELEV) Sees Large Decline in Short Interest

Elevation Oncology, Inc. (NASDAQ:ELEV) was the recipient of a significant drop in short interest during the month of February. As of February 29th, there was short interest totalling 3,610,000 shares, a drop of 10.0% from the February 14th total of 4,010,000 shares. Currently, 9.1% of the company’s shares are sold short. Based on an average daily trading volume, of 2,870,000 shares, the days-to-cover ratio is presently 1.3 days.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ELEV shares. Wedbush raised their price objective on Elevation Oncology from $5.00 to $8.00 and gave the company an “outperform” rating in a research note on Thursday, March 7th. JMP Securities reiterated a “market outperform” rating and set a $7.00 target price on shares of Elevation Oncology in a report on Thursday, March 7th. Finally, HC Wainwright reiterated a “buy” rating and set a $6.00 target price on shares of Elevation Oncology in a report on Thursday, March 7th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Elevation Oncology has a consensus rating of “Buy” and an average target price of $7.25.

Institutional Trading of Elevation Oncology

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Elevation Oncology by 9.5% in the fourth quarter. Vanguard Group Inc. now owns 1,171,246 shares of the company’s stock worth $629,000 after buying an additional 101,441 shares during the period. Walleye Capital LLC lifted its holdings in Elevation Oncology by 43.7% in the third quarter. Walleye Capital LLC now owns 148,887 shares of the company’s stock worth $99,000 after buying an additional 45,257 shares during the period. UBS Group AG lifted its holdings in Elevation Oncology by 674.7% in the third quarter. UBS Group AG now owns 124,561 shares of the company’s stock worth $83,000 after buying an additional 108,483 shares during the period. venBio Partners LLC lifted its holdings in Elevation Oncology by 56.1% in the second quarter. venBio Partners LLC now owns 2,914,255 shares of the company’s stock worth $4,430,000 after buying an additional 1,047,916 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in shares of Elevation Oncology during the second quarter valued at approximately $608,000. 83.70% of the stock is currently owned by hedge funds and other institutional investors.

Elevation Oncology Stock Down 0.7 %

Elevation Oncology stock opened at $4.36 on Tuesday. The company has a current ratio of 21.22, a quick ratio of 21.22 and a debt-to-equity ratio of 0.55. The firm has a 50-day moving average of $3.18 and a 200-day moving average of $1.49. Elevation Oncology has a 1-year low of $0.36 and a 1-year high of $5.89.

Elevation Oncology (NASDAQ:ELEV) last issued its quarterly earnings data on Wednesday, March 6th. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.02. On average, equities analysts expect that Elevation Oncology will post -0.87 earnings per share for the current fiscal year.

Elevation Oncology Company Profile

Elevation Oncology, Inc, an oncology company, focuses on the discovery and development of cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs. The company's lead candidate is EO-3021, an antibody-drug conjugate designed to target Claudin 18.2, a clinically validated molecular target.