Short Interest in Elevation Oncology, Inc. (NASDAQ:ELEV) Rises By 8.2%

Elevation Oncology, Inc. (NASDAQ:ELEV - Get Free Report) was the recipient of a large increase in short interest in 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. Approximately 12.6% of the company's stock are sold short. Based on an average daily trading volume, of 3,060,000 shares, the days-to-cover ratio is presently 1.6 days.

Analyst Ratings Changes

Several research analysts have weighed in on ELEV shares. JMP Securities reaffirmed a "market outperform" rating and issued a $7.00 target price on shares of Elevation Oncology in a research report on Thursday, March 7th. Wedbush raised their price objective on shares of Elevation Oncology from $5.00 to $8.00 and gave the company an "outperform" rating in a research report on Thursday, March 7th. Finally, HC Wainwright reissued a "buy" rating and issued a $6.00 target price on shares of Elevation Oncology in a research report on Tuesday, April 9th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $7.25.

Elevation Oncology Stock Performance

Shares of ELEV stock traded down $0.25 during trading on Wednesday, reaching $4.14. The company had a trading volume of 495,286 shares, compared to its average volume of 2,747,099. The firm's 50 day simple moving average is $4.12 and its two-hundred day simple moving average is $2.12. Elevation Oncology has a one year low of $0.36 and a one year high of $5.89. The company has a debt-to-equity ratio of 0.55, a current ratio of 21.22 and a quick ratio of 21.22. The company has a market capitalization of $201.41 million, a PE ratio of -2.71 and a beta of 1.34.

Elevation Oncology (NASDAQ:ELEV - Get Free Report) last released its quarterly earnings results on Wednesday, March 6th. The company reported ($0.19) EPS for the quarter, beating analysts' consensus estimates of ($0.21) by $0.02. Sell-side analysts forecast that Elevation Oncology will post -0.87 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ELEV. Millennium Management LLC acquired a new position in shares of Elevation Oncology during the second quarter worth approximately $30,000. Virtu Financial LLC acquired a new position in Elevation Oncology during the 2nd quarter valued at $31,000. JPMorgan Chase & Co. boosted its holdings in Elevation Oncology by 427.1% in the 1st quarter. JPMorgan Chase & Co. now owns 22,347 shares of the company's stock valued at $42,000 after purchasing an additional 18,107 shares during the period. Annandale Capital LLC grew its position in Elevation Oncology by 66.7% in the 4th quarter. Annandale Capital LLC now owns 50,000 shares of the company's stock worth $48,000 after purchasing an additional 20,000 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in shares of Elevation Oncology by 53.0% during the 1st quarter. Renaissance Technologies LLC now owns 25,400 shares of the company's stock worth $64,000 after purchasing an additional 8,800 shares during the period. 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.