Elevation Oncology, Inc. (NASDAQ:ELEV) Short Interest Up 8.2% in March

Elevation Oncology, Inc. (NASDAQ:ELEV) was the recipient of 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 daily volume of 3,060,000 shares, the short-interest ratio is currently 1.6 days. Approximately 12.6% of the company’s stock are sold short.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC bought a new position in Elevation Oncology in the 2nd quarter valued at approximately $30,000. Virtu Financial LLC bought a new position in Elevation Oncology during the second quarter worth $31,000. JPMorgan Chase & Co. grew its holdings in Elevation Oncology by 427.1% in the first quarter. JPMorgan Chase & Co. now owns 22,347 shares of the company’s stock worth $42,000 after purchasing an additional 18,107 shares during the period. Annandale Capital LLC grew its holdings in Elevation Oncology by 66.7% in the fourth quarter. Annandale Capital LLC now owns 50,000 shares of the company’s stock worth $48,000 after purchasing an additional 20,000 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in Elevation Oncology by 53.0% in the first quarter. Renaissance Technologies LLC now owns 25,400 shares of the company’s stock worth $64,000 after purchasing an additional 8,800 shares during the period. Institutional investors and hedge funds own 83.70% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Elevation Oncology Stock Down 2.1 %

ELEV traded down $0.09 during trading on Wednesday, hitting $4.30. The company had a trading volume of 92,587 shares, compared to its average volume of 2,741,431. The firm’s 50-day moving average price is $4.12 and its 200 day moving average price is $2.12. The company has a current ratio of 21.22, a quick ratio of 21.22 and a debt-to-equity ratio of 0.55. Elevation Oncology has a one year low of $0.36 and a one year high of $5.89.

Elevation Oncology (NASDAQ:ELEV) last issued 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. As a group, equities research analysts predict that Elevation Oncology will post -0.87 EPS 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.