Elevation Oncology, Inc. (NASDAQ:ELEV – Get 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.
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
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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