Stonepine Capital Management LLC Acquires Shares of 200,000 Elevation Oncology, Inc. (NASDAQ:ELEV)

Stonepine Capital Management LLC acquired a new stake in Elevation Oncology, Inc. (NASDAQ:ELEV) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 200,000 shares of the company’s stock, valued at approximately $113,000. Stonepine Capital Management LLC owned approximately 0.34% of Elevation Oncology at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Millennium Management LLC lifted its stake in shares of Elevation Oncology by 3.9% in the fourth quarter. Millennium Management LLC now owns 815,916 shares of the company’s stock valued at $459,000 after buying an additional 30,466 shares in the last quarter. Deutsche Bank AG lifted its position in shares of Elevation Oncology by 550.5% during the fourth quarter. Deutsche Bank AG now owns 188,771 shares of the company’s stock valued at $106,000 after purchasing an additional 159,751 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Elevation Oncology by 42.5% during the fourth quarter. Bank of America Corp DE now owns 56,839 shares of the company’s stock valued at $32,000 after purchasing an additional 16,962 shares in the last quarter. Allostery Investments LP bought a new position in shares of Elevation Oncology during the fourth quarter valued at about $243,000. Finally, Jane Street Group LLC lifted its position in shares of Elevation Oncology by 138.9% during the fourth quarter. Jane Street Group LLC now owns 70,883 shares of the company’s stock valued at $40,000 after purchasing an additional 41,215 shares in the last quarter. 83.70% of the stock is owned by institutional investors.

Elevation Oncology Stock Performance

NASDAQ ELEV opened at $0.28 on Friday. The company’s 50 day moving average is $0.33 and its 200-day moving average is $0.52. Elevation Oncology, Inc. has a 12-month low of $0.22 and a 12-month high of $4.33. The company has a quick ratio of 17.77, a current ratio of 17.77 and a debt-to-equity ratio of 0.45. The firm has a market cap of $16.73 million, a P/E ratio of -0.34 and a beta of 1.59.

Elevation Oncology (NASDAQ:ELEV) last posted its quarterly earnings results on Thursday, May 15th. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.04). Sell-side analysts predict that Elevation Oncology, Inc. will post -0.84 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Citigroup lowered shares of Elevation Oncology to a “market perform” rating in a research report on Friday, March 21st. Wedbush lowered shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 20th. Leerink Partnrs lowered shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 20th. Leerink Partners lowered shares of Elevation Oncology from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $9.00 to $1.00 in a research report on Friday, March 21st. Finally, Stephens reaffirmed an “equal weight” rating and issued a $1.00 price objective (down previously from $5.00) on shares of Elevation Oncology in a research report on Monday, March 24th. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $3.39.

About Elevation Oncology

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.