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

Elevation Oncology, Inc. (NASDAQ:ELEV) was the target of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 5,010,000 shares, an increase of 8.2% from the March 15th total of 4,630,000 shares. Currently, 12.6% of the company’s shares are short sold. Based on an average daily volume of 3,060,000 shares, the short-interest ratio is currently 1.6 days.

Elevation Oncology Stock Down 6.6 %

Shares of ELEV traded down $0.29 during midday trading on Wednesday, hitting $4.10. The company had a trading volume of 390,686 shares, compared to its average volume of 2,745,103. Elevation Oncology has a 1 year low of $0.36 and a 1 year high of $5.89. The firm has a market capitalization of $199.47 million, a P/E ratio of -2.71 and a beta of 1.34. The company has a debt-to-equity ratio of 0.55, a quick ratio of 21.22 and a current ratio of 21.22. The company’s 50-day simple moving average is $4.12 and its 200-day simple moving average is $2.12.

Elevation Oncology (NASDAQ:ELEV) last issued its quarterly earnings results on Wednesday, March 6th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.02. As a group, sell-side analysts expect that Elevation Oncology will post -0.87 EPS for the current year.

Analyst Ratings Changes

ELEV has been the subject of several research analyst reports. Wedbush increased their target price on shares of Elevation Oncology from $5.00 to $8.00 and gave the stock an “outperform” rating in a research note on Thursday, March 7th. JMP Securities restated 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 Tuesday, April 9th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Elevation Oncology presently has a consensus rating of “Buy” and an average price target of $7.25.

Hedge Funds Weigh In On Elevation Oncology

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Elevation Oncology by 9.5% in the fourth quarter. Vanguard Group Inc. now owns 1,171,246 shares of the company’s stock valued at $629,000 after buying an additional 101,441 shares in the last quarter. Walleye Capital LLC lifted its stake in Elevation Oncology by 43.7% during the third quarter. Walleye Capital LLC now owns 148,887 shares of the company’s stock worth $99,000 after purchasing an additional 45,257 shares during the last quarter. UBS Group AG lifted its stake in Elevation Oncology by 674.7% during the third quarter. UBS Group AG now owns 124,561 shares of the company’s stock worth $83,000 after purchasing an additional 108,483 shares during the last quarter. venBio Partners LLC boosted 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 valued at $4,430,000 after purchasing an additional 1,047,916 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Elevation Oncology in the second quarter valued at approximately $608,000. Institutional investors and hedge funds own 83.70% of the company’s stock.

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.