Elevation Oncology (NASDAQ:ELEV) Stock Price Down 7.4%

Elevation Oncology, Inc. (NASDAQ:ELEV)’s share price was down 7.4% on Friday . The company traded as low as $2.56 and last traded at $2.56. Approximately 769,975 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 1,934,799 shares. The stock had previously closed at $2.77.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ELEV shares. JMP Securities reissued a “market outperform” rating and set a $7.00 price objective on shares of Elevation Oncology in a report on Thursday, March 7th. HC Wainwright restated a “buy” rating and set a $6.00 price target on shares of Elevation Oncology in a report on Tuesday, April 9th. Piper Sandler assumed coverage on shares of Elevation Oncology in a report on Friday, May 31st. They issued an “overweight” rating and a $10.00 price objective for the company. Wedbush reissued an “outperform” rating and set a $8.00 target price on shares of Elevation Oncology in a report on Friday, May 3rd. Finally, Stephens initiated coverage on shares of Elevation Oncology in a research report on Tuesday, May 14th. They issued an “overweight” rating and a $8.00 price target for the company. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $7.80.

Elevation Oncology Stock Down 7.4 %

The company has a debt-to-equity ratio of 0.41, a current ratio of 46.22 and a quick ratio of 46.22. The firm has a 50 day moving average price of $3.65 and a two-hundred day moving average price of $3.14.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new stake in Elevation Oncology during the first quarter worth approximately $63,000. Vanguard Group Inc. increased its stake in shares of Elevation Oncology by 30.8% in the 1st quarter. Vanguard Group Inc. now owns 1,532,045 shares of the company’s stock valued at $7,859,000 after acquiring an additional 360,799 shares in the last quarter. Affinity Asset Advisors LLC acquired a new position in shares of Elevation Oncology during the 1st quarter valued at $6,509,000. Darwin Global Management Ltd. bought a new position in Elevation Oncology during the first quarter worth $11,968,000. Finally, Artal Group S.A. acquired a new stake in Elevation Oncology in the first quarter worth $7,762,000. 83.70% of the stock is owned by institutional investors.

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.