Elevation Oncology (NASDAQ:ELEV) Shares Down 3.8%

Elevation Oncology, Inc. (NASDAQ:ELEV)’s stock price dropped 3.8% on Friday . The stock traded as low as $0.61 and last traded at $0.63. Approximately 603,701 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 1,791,100 shares. The stock had previously closed at $0.65.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ELEV shares. Stephens started coverage on shares of Elevation Oncology in a research report on Tuesday, May 14th. They set an “overweight” rating and a $8.00 target price on the stock. Wedbush reiterated an “outperform” rating and set a $8.00 price objective on shares of Elevation Oncology in a report on Tuesday, August 6th. Piper Sandler initiated coverage on Elevation Oncology in a research note on Friday, May 31st. They issued an “overweight” rating and a $10.00 target price for the company. JMP Securities reaffirmed a “market outperform” rating and set a $7.00 price target on shares of Elevation Oncology in a research note on Monday, July 15th. Finally, HC Wainwright reiterated a “buy” rating and issued a $6.00 price target on shares of Elevation Oncology in a report on Wednesday, August 7th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $7.80.

Elevation Oncology Trading Down 3.8 %

The company has a market capitalization of $34.15 million, a P/E ratio of -0.60 and a beta of 1.26. The company has a quick ratio of 41.10, a current ratio of 41.10 and a debt-to-equity ratio of 0.38. The firm’s 50-day moving average price is $1.78 and its 200 day moving average price is $3.16.

Elevation Oncology (NASDAQ:ELEV) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.23) by $0.05. As a group, equities research analysts predict that Elevation Oncology, Inc. will post -0.86 earnings per share for the current year.

Institutional Trading of Elevation Oncology

Institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in Elevation Oncology during the first quarter worth $63,000. American Century Companies Inc. boosted its position in Elevation Oncology by 55.7% during the second quarter. American Century Companies Inc. now owns 49,222 shares of the company’s stock worth $133,000 after purchasing an additional 17,602 shares during the period. XTX Topco Ltd bought a new position in Elevation Oncology during the second quarter worth about $103,000. Rhumbline Advisers purchased a new position in shares of Elevation Oncology in the second quarter worth about $175,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Elevation Oncology in the second quarter valued at approximately $415,000. Institutional investors 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.