Short Interest in Elevation Oncology, Inc. (NASDAQ:ELEV) Rises By 28.7%

Elevation Oncology, Inc. (NASDAQ:ELEV) saw a significant increase in short interest in the month of July. As of July 15th, there was short interest totalling 6,680,000 shares, an increase of 28.7% from the June 30th total of 5,190,000 shares. Based on an average trading volume of 829,400 shares, the days-to-cover ratio is currently 8.1 days. Approximately 14.9% of the shares of the company are sold short.

Elevation Oncology Stock Performance

NASDAQ ELEV opened at $2.87 on Tuesday. Elevation Oncology has a 1 year low of $0.36 and a 1 year high of $5.83. The firm has a market capitalization of $156.82 million, a price-to-earnings ratio of -2.76 and a beta of 1.39. The company has a current ratio of 46.22, a quick ratio of 46.22 and a debt-to-equity ratio of 0.41. The firm’s 50 day simple moving average is $3.09 and its 200 day simple moving average is $3.52.

Elevation Oncology (NASDAQ:ELEV) last issued its quarterly earnings results on Thursday, May 2nd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.02). As a group, research analysts expect that Elevation Oncology will post -0.92 earnings per share for the current fiscal year.

Analyst Ratings Changes

ELEV has been the topic of a number of recent research reports. Piper Sandler initiated coverage on shares of Elevation Oncology in a research report on Friday, May 31st. They set an “overweight” rating and a $10.00 price target on the stock. Stephens began coverage on shares of Elevation Oncology in a report on Tuesday, May 14th. They set an “overweight” rating and a $8.00 target price on the stock. HC Wainwright reiterated a “buy” rating and issued a $6.00 price target on shares of Elevation Oncology in a research note on Tuesday, April 9th. Wedbush reissued an “outperform” rating and set a $8.00 price target on shares of Elevation Oncology in a research report on Friday, May 3rd. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $7.00 price objective on shares of Elevation Oncology in a report on Monday, July 15th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $7.80.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ELEV. Bank of New York Mellon Corp bought a new stake in shares of Elevation Oncology during the 2nd quarter valued at approximately $415,000. Vanguard Group Inc. boosted its position in Elevation Oncology by 30.8% in the first quarter. Vanguard Group Inc. now owns 1,532,045 shares of the company’s stock valued at $7,859,000 after buying an additional 360,799 shares in the last quarter. Farallon Capital Management LLC bought a new stake in shares of Elevation Oncology during the first quarter worth $19,939,000. SG Americas Securities LLC acquired a new position in shares of Elevation Oncology during the first quarter worth $63,000. Finally, Artal Group S.A. bought a new position in shares of Elevation Oncology in the 1st quarter valued at $7,762,000. 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.