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

Elevation Oncology, Inc. (NASDAQ:ELEVGet Free Report) was the target of a large increase in short interest during the month of January. As of January 31st, there was short interest totalling 3,520,000 shares, an increase of 95.6% from the January 15th total of 1,800,000 shares. Based on an average daily volume of 2,560,000 shares, the short-interest ratio is presently 1.4 days. Currently, 10.1% of the shares of the stock are sold short.

Elevation Oncology Price Performance

Elevation Oncology stock traded down $0.09 during mid-day trading on Monday, hitting $2.91. 1,118,713 shares of the company traded hands, compared to its average volume of 5,423,592. The company has a current ratio of 12.99, a quick ratio of 12.99 and a debt-to-equity ratio of 0.48. Elevation Oncology has a one year low of $0.36 and a one year high of $5.89. The stock has a fifty day moving average price of $1.60 and a 200-day moving average price of $1.01.

Wall Street Analysts Forecast Growth

Separately, Wedbush restated an “outperform” rating and issued a $5.00 price target on shares of Elevation Oncology in a research report on Monday, November 6th.

View Our Latest Stock Analysis on Elevation Oncology

Institutional Investors Weigh In On Elevation Oncology

Institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC bought a new position in shares of Elevation Oncology in the 2nd quarter worth about $30,000. Virtu Financial LLC purchased a new stake in shares of Elevation Oncology during the 2nd quarter valued at about $31,000. JPMorgan Chase & Co. boosted its holdings in shares of 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 buying an additional 18,107 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of 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 buying an additional 8,800 shares during the last quarter. Finally, BlackRock Inc. lifted its holdings in Elevation Oncology by 57.4% during the first quarter. BlackRock Inc. now owns 38,218 shares of the company’s stock valued at $96,000 after purchasing an additional 13,936 shares in the last quarter. Hedge funds and other institutional investors own 83.70% of the company’s stock.

Elevation Oncology Company Profile

(Get Free Report)

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.

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