Short Interest in Elevation Oncology, Inc. (NASDAQ:ELEV) Expands By 8.2%

Elevation Oncology, Inc. (NASDAQ:ELEV) was the target of a significant increase in short interest in 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. Based on an average trading volume of 3,060,000 shares, the days-to-cover ratio is presently 1.6 days. Approximately 12.6% of the shares of the stock are short sold.

Elevation Oncology Price Performance

Shares of NASDAQ:ELEV traded down $0.21 during midday trading on Wednesday, hitting $4.18. The company had a trading volume of 206,911 shares, compared to its average volume of 2,743,100. Elevation Oncology has a twelve month low of $0.36 and a twelve month high of $5.89. The company has a debt-to-equity ratio of 0.55, a current ratio of 21.22 and a quick ratio of 21.22. The stock has a market cap of $203.36 million, a price-to-earnings ratio of -2.81 and a beta of 1.34. The business’s 50-day simple moving average is $4.12 and its 200-day simple moving average is $2.12.

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

Institutional Investors Weigh In On Elevation Oncology

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC acquired a new stake in Elevation Oncology during the second quarter worth $30,000. Virtu Financial LLC acquired a new stake in Elevation Oncology during the second quarter worth $31,000. JPMorgan Chase & Co. increased its stake in Elevation Oncology by 427.1% during the first quarter. JPMorgan Chase & Co. now owns 22,347 shares of the company’s stock worth $42,000 after acquiring an additional 18,107 shares during the last quarter. Annandale Capital LLC increased its stake in Elevation Oncology by 66.7% during the fourth quarter. Annandale Capital LLC now owns 50,000 shares of the company’s stock worth $48,000 after acquiring an additional 20,000 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in Elevation Oncology by 53.0% during the first quarter. Renaissance Technologies LLC now owns 25,400 shares of the company’s stock worth $64,000 after acquiring an additional 8,800 shares during the last quarter. Institutional investors and hedge funds own 83.70% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on ELEV. JMP Securities restated a “market outperform” rating and issued a $7.00 target price on shares of Elevation Oncology in a research report on Thursday, March 7th. HC Wainwright restated a “buy” rating and issued a $6.00 target price on shares of Elevation Oncology in a research report on Tuesday, April 9th. Finally, Wedbush raised their target price on Elevation Oncology from $5.00 to $8.00 and gave the company an “outperform” rating in a research report on Thursday, March 7th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $7.25.

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.