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

Elevation Oncology, Inc. (NASDAQ:ELEV) was the target of a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 5,010,000 shares, an increase 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 days-to-cover ratio is presently 1.6 days. Approximately 12.6% of the company’s shares are short sold.

Analysts Set New Price Targets

Several research firms have recently weighed in on ELEV. JMP Securities reiterated a “market outperform” rating and set a $7.00 target price on shares of Elevation Oncology in a research report on Thursday, March 7th. Wedbush lifted their price objective on Elevation Oncology from $5.00 to $8.00 and gave the company an “outperform” rating in a report on Thursday, March 7th. Finally, HC Wainwright restated a “buy” rating and issued a $6.00 price objective on shares of Elevation Oncology in a report on Tuesday, April 9th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Elevation Oncology presently has a consensus rating of “Buy” and an average price target of $7.25.

Elevation Oncology Trading Down 2.1 %

Shares of ELEV stock traded down $0.09 during mid-day trading on Wednesday, hitting $4.30. 92,587 shares of the stock traded hands, compared to its average volume of 2,741,431. The stock’s fifty day moving average is $4.12 and its two-hundred day moving average is $2.12. Elevation Oncology has a 52-week low of $0.36 and a 52-week high of $5.89. The company has a debt-to-equity ratio of 0.55, a quick ratio of 21.22 and a current ratio of 21.22.

Elevation Oncology (NASDAQ:ELEV) last released its quarterly earnings results on Wednesday, March 6th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.02. On average, sell-side analysts anticipate that Elevation Oncology will post -0.87 EPS for the current year.

Hedge Funds Weigh In On Elevation Oncology

Several hedge funds have recently modified their holdings of ELEV. Millennium Management LLC acquired a new position in shares of Elevation Oncology during the second quarter valued at about $30,000. Virtu Financial LLC acquired a new position in shares of Elevation Oncology during the second quarter valued at about $31,000. JPMorgan Chase & Co. increased its holdings in shares of Elevation Oncology by 427.1% during the first quarter. JPMorgan Chase & Co. now owns 22,347 shares of the company’s stock valued at $42,000 after acquiring an additional 18,107 shares in the last quarter. Annandale Capital LLC increased its holdings in shares of Elevation Oncology by 66.7% during the fourth quarter. Annandale Capital LLC now owns 50,000 shares of the company’s stock valued at $48,000 after acquiring an additional 20,000 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of Elevation Oncology by 53.0% during the first quarter. Renaissance Technologies LLC now owns 25,400 shares of the company’s stock valued at $64,000 after acquiring an additional 8,800 shares in the last quarter. Institutional investors and hedge funds own 83.70% of the company’s stock.

About Elevation Oncology

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.