Stonepine Capital Management LLC Acquires New Holdings in Elevation Oncology, Inc. (NASDAQ:ELEV)

Stonepine Capital Management LLC acquired a new stake in shares of Elevation Oncology, Inc. (NASDAQ:ELEV) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 200,000 shares of the company’s stock, valued at approximately $113,000.

Other hedge funds also recently bought and sold shares of the company. Bank of America Corp DE grew its stake in Elevation Oncology by 42.5% during 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 in the last quarter. JPMorgan Chase & Co. grew its stake in Elevation Oncology by 175.9% during the third quarter. JPMorgan Chase & Co. now owns 61,334 shares of the company’s stock valued at $37,000 after acquiring an additional 39,101 shares in the last quarter. SG Americas Securities LLC grew its stake in Elevation Oncology by 33.9% during the fourth quarter. SG Americas Securities LLC now owns 61,467 shares of the company’s stock valued at $35,000 after acquiring an additional 15,560 shares in the last quarter. Two Sigma Securities LLC purchased a new position in Elevation Oncology in the 4th quarter worth approximately $35,000. Finally, Virtu Financial LLC purchased a new position in Elevation Oncology in the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 83.70% of the company’s stock.

Elevation Oncology Price Performance

Shares of Elevation Oncology stock opened at $0.28 on Friday. Elevation Oncology, Inc. has a 52-week low of $0.22 and a 52-week high of $4.33. The stock has a market capitalization of $16.73 million, a price-to-earnings ratio of -0.34 and a beta of 1.59. The company has a fifty day moving average of $0.33 and a 200-day moving average of $0.52. The company has a debt-to-equity ratio of 0.45, a quick ratio of 17.77 and a current ratio of 17.77.

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on ELEV. Wedbush cut shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. Leerink Partnrs cut shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 20th. Piper Sandler cut shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $10.00 to $0.70 in a research note on Friday, March 21st. HC Wainwright cut their price target on shares of Elevation Oncology from $6.00 to $1.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Finally, Stephens reissued an “equal weight” rating and issued a $1.00 price target (down previously from $5.00) on shares of Elevation Oncology in a research note on Monday, March 24th. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $3.39.

Elevation Oncology 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.