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

Elevation Oncology, Inc. (NASDAQ:ELEV) was the recipient of a large drop in short interest in the month of May. As of May 31st, there was short interest totalling 2,550,000 shares, a drop of 42.4% from the May 15th total of 4,430,000 shares. Approximately 4.8% of the shares of the stock are short sold. Based on an average daily volume of 1,740,000 shares, the short-interest ratio is presently 1.5 days.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Citigroup downgraded shares of Elevation Oncology to a “market perform” rating in a report on Friday, March 21st. Leerink Partnrs downgraded shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 20th. Piper Sandler downgraded shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $10.00 to $0.70 in a report on Friday, March 21st. Stephens reaffirmed an “equal weight” rating and set a $1.00 price objective (down from $5.00) on shares of Elevation Oncology in a report on Monday, March 24th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Elevation Oncology in a report on Tuesday, June 10th. Eleven research analysts have rated the stock with a hold rating, According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $3.39.

Elevation Oncology Stock Performance

Elevation Oncology stock opened at $0.38 on Wednesday. The company has a quick ratio of 19.40, a current ratio of 19.40 and a debt-to-equity ratio of 0.67. The company has a market capitalization of $22.60 million, a PE ratio of -0.47 and a beta of 1.43. The firm has a fifty day simple moving average of $0.34 and a two-hundred day simple moving average of $0.48. Elevation Oncology has a twelve month low of $0.22 and a twelve month high of $3.28.

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

Institutional Trading of Elevation Oncology

Several hedge funds have recently added to or reduced their stakes in ELEV. Velan Capital Investment Management LP purchased a new position in shares of Elevation Oncology in the fourth quarter valued at about $25,000. Bank of America Corp DE increased its position in shares of Elevation Oncology by 42.5% in the fourth quarter. Bank of America Corp DE now owns 56,839 shares of the company’s stock valued at $32,000 after acquiring an additional 16,962 shares during the period. Two Sigma Securities LLC purchased a new position in shares of Elevation Oncology in the fourth quarter valued at about $35,000. Virtu Financial LLC purchased a new position in shares of Elevation Oncology in the fourth quarter valued at about $36,000. Finally, Palumbo Wealth Management LLC increased its position in shares of Elevation Oncology by 294.5% in the fourth quarter. Palumbo Wealth Management LLC now owns 69,105 shares of the company’s stock valued at $39,000 after acquiring an additional 51,590 shares during the period. 83.70% of the stock is owned by institutional investors.

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.