Elevation Oncology, Inc. (NASDAQ:ELEV – Get Rating) saw a large decline in short interest during the month of November. As of November 30th, there was short interest totalling 44,000 shares, a decline of 10.4% from the November 15th total of 49,100 shares. Approximately 0.3% of the company's shares are sold short. Based on an average daily volume of 45,200 shares, the days-to-cover ratio is currently 1.0 days.
Wall Street Analyst Weigh In
ELEV has been the topic of several recent analyst reports. HC Wainwright reiterated a "buy" rating and issued a $7.50 target price on shares of Elevation Oncology in a report on Monday, September 19th. SVB Leerink lowered shares of Elevation Oncology from an "outperform" rating to a "market perform" rating and decreased their target price for the company from $11.00 to $2.00 in a report on Monday, November 7th. Finally, JPMorgan Chase & Co. lowered shares of Elevation Oncology from a "neutral" rating to an "underweight" rating in a report on Thursday, November 10th.
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Elevation Oncology Stock Performance
Shares of ELEV stock opened at $1.00 on Tuesday. The firm's 50 day moving average price is $1.00 and its 200-day moving average price is $1.21. The company has a debt-to-equity ratio of 0.44, a quick ratio of 7.29 and a current ratio of 7.29. Elevation Oncology has a one year low of $0.86 and a one year high of $6.87. The firm has a market cap of $23.30 million, a P/E ratio of -0.27 and a beta of 0.48.
Elevation Oncology (NASDAQ:ELEV – Get Rating) last issued its quarterly earnings data on Thursday, November 3rd. The company reported ($1.67) EPS for the quarter, missing the consensus estimate of ($1.12) by ($0.55). As a group, equities research analysts predict that Elevation Oncology will post -3.7 EPS for the current year.
Institutional Investors Weigh In On Elevation Oncology
A number of hedge funds have recently added to or reduced their stakes in the business. Annandale Capital LLC acquired a new stake in Elevation Oncology during the 3rd quarter worth approximately $34,000. Renaissance Technologies LLC lifted its holdings in Elevation Oncology by 11.7% during the 3rd quarter. Renaissance Technologies LLC now owns 288,657 shares of the company's stock worth $326,000 after buying an additional 30,257 shares in the last quarter. Millennium Management LLC acquired a new stake in Elevation Oncology during the 2nd quarter worth approximately $30,000. Virtu Financial LLC acquired a new stake in Elevation Oncology during the 2nd quarter worth approximately $31,000. Finally, Kennedy Capital Management Inc. increased its position in shares of Elevation Oncology by 968.4% in the 2nd quarter. Kennedy Capital Management Inc. now owns 149,893 shares of the company's stock valued at $210,000 after purchasing an additional 135,863 shares during the last quarter. 74.04% of the stock is currently owned by institutional investors and hedge funds.
About Elevation Oncology
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Elevation Oncology, Inc, a clinical-stage biopharmaceutical company, focuses on developing therapeutics for the treatment of cancer in genomically defined patient populations in the United States. The company's lead program is the seribantumab, an anti-HER3 monoclonal antibody that is in Phase II CRESTONE trial for the treatment of advanced solid tumors harboring a neuregulin-1 fusion.
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