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

Elevation Oncology, Inc. (NASDAQ:ELEV) saw a significant growth in short interest in March. As of March 31st, there was short interest totalling 5,010,000 shares, a growth 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 short-interest ratio is currently 1.6 days. Approximately 12.6% of the company’s stock are short sold.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $6.00 target price on shares of Elevation Oncology in a research note on Tuesday, April 9th. Wedbush lifted their target price on Elevation Oncology from $5.00 to $8.00 and gave the stock an “outperform” rating in a research report on Thursday, March 7th. Finally, JMP Securities reissued a “market outperform” rating and set a $7.00 price target on shares of Elevation Oncology 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 company presently has a consensus rating of “Buy” and an average target price of $7.25.

Hedge Funds Weigh In On Elevation Oncology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC grew its position in Elevation Oncology by 53.0% in the 1st quarter. Renaissance Technologies LLC now owns 25,400 shares of the company’s stock valued at $64,000 after buying an additional 8,800 shares in the last quarter. BlackRock Inc. raised its position in shares of Elevation Oncology by 57.4% during the 1st quarter. BlackRock Inc. now owns 38,218 shares of the company’s stock worth $96,000 after buying an additional 13,936 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Elevation Oncology by 427.1% during the 1st quarter. JPMorgan Chase & Co. now owns 22,347 shares of the company’s stock worth $42,000 after buying an additional 18,107 shares in the last quarter. Annandale Capital LLC raised its position in shares of Elevation Oncology by 66.7% during the 4th quarter. Annandale Capital LLC now owns 50,000 shares of the company’s stock worth $48,000 after buying an additional 20,000 shares in the last quarter. Finally, Millennium Management LLC bought a new stake in shares of Elevation Oncology during the 2nd quarter worth about $30,000. 83.70% of the stock is owned by institutional investors.

Elevation Oncology Stock Performance

NASDAQ:ELEV traded down $0.21 during midday trading on Wednesday, reaching $4.18. 206,911 shares of the company traded hands, compared to its average volume of 2,743,100. 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 firm has a market capitalization of $203.36 million, a price-to-earnings ratio of -2.81 and a beta of 1.34. Elevation Oncology has a twelve month low of $0.36 and a twelve month high of $5.89. The company has a fifty day moving average price of $4.12 and a 200 day moving average price of $2.12.

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

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.