Elevation Oncology, Inc. (NASDAQ:ELEV) Sees Significant Decline in Short Interest

Elevation Oncology, Inc. (NASDAQ:ELEV) saw a significant decline in short interest in the month of May. As of May 31st, there was short interest totalling 2,550,000 shares, a decline of 42.4% from the May 15th total of 4,430,000 shares. Currently, 4.8% of the company’s shares are short sold. Based on an average daily trading volume, of 1,740,000 shares, the days-to-cover ratio is currently 1.5 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Velan Capital Investment Management LP bought a new position in shares of Elevation Oncology in the fourth quarter worth approximately $25,000. Bank of America Corp DE lifted its stake in shares of Elevation Oncology by 42.5% in the fourth quarter. Bank of America Corp DE now owns 56,839 shares of the company’s stock worth $32,000 after buying an additional 16,962 shares in the last quarter. Two Sigma Securities LLC bought a new position in shares of Elevation Oncology in the fourth quarter worth approximately $35,000. Virtu Financial LLC bought a new position in shares of Elevation Oncology in the fourth quarter worth approximately $36,000. Finally, Palumbo Wealth Management LLC lifted its stake in shares of Elevation Oncology by 294.5% in the fourth quarter. Palumbo Wealth Management LLC now owns 69,105 shares of the company’s stock worth $39,000 after buying an additional 51,590 shares in the last quarter. Institutional investors own 83.70% of the company’s stock.

Wall Street Analyst Weigh In

ELEV has been the topic of several research analyst reports. Leerink Partners cut shares of Elevation Oncology from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $9.00 to $1.00 in a research report on Friday, March 21st. Citigroup cut shares of Elevation Oncology to a “market perform” rating in a research report on Friday, March 21st. Wedbush cut shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 20th. William Blair cut shares of Elevation Oncology from a “strong-buy” rating to a “hold” rating in a report on Monday, June 9th. Finally, Piper Sandler cut shares of Elevation Oncology from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $10.00 to $0.70 in a report on Friday, March 21st. Eleven analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $3.39.

Elevation Oncology Price Performance

Shares of ELEV opened at $0.38 on Wednesday. The stock has a market cap of $22.60 million, a PE ratio of -0.47 and a beta of 1.43. The company has a debt-to-equity ratio of 0.67, a quick ratio of 19.40 and a current ratio of 19.40. Elevation Oncology has a fifty-two week low of $0.22 and a fifty-two week high of $3.28. The firm’s 50-day simple moving average is $0.34 and its two-hundred day simple moving average is $0.48.

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

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.