Bank of New York Mellon Corp Invests $415,000 in Elevation Oncology, Inc. (NASDAQ:ELEV)

Bank of New York Mellon Corp bought a new position in shares of Elevation Oncology, Inc. (NASDAQ:ELEV) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 153,586 shares of the company’s stock, valued at approximately $415,000.

A number of other hedge funds and other institutional investors have also modified their holdings of ELEV. SG Americas Securities LLC purchased a new stake in shares of Elevation Oncology during the first quarter worth about $63,000. Affinity Asset Advisors LLC purchased a new stake in shares of Elevation Oncology during the first quarter worth about $6,509,000. Artal Group S.A. purchased a new stake in shares of Elevation Oncology during the first quarter worth about $7,762,000. Vanguard Group Inc. increased its position in shares of Elevation Oncology by 30.8% during the first quarter. Vanguard Group Inc. now owns 1,532,045 shares of the company’s stock worth $7,859,000 after acquiring an additional 360,799 shares during the last quarter. Finally, Darwin Global Management Ltd. purchased a new stake in shares of Elevation Oncology during the first quarter worth about $11,968,000. 83.70% of the stock is owned by hedge funds and other institutional investors.

Elevation Oncology Stock Performance

Shares of ELEV stock opened at $0.59 on Wednesday. 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 business has a 50 day moving average of $1.25 and a two-hundred day moving average of $2.87. Elevation Oncology, Inc. has a 52 week low of $0.36 and a 52 week high of $5.83. The company has a market cap of $32.47 million, a P/E ratio of -0.57 and a beta of 1.26.

Elevation Oncology (NASDAQ:ELEV) last issued its earnings results on Tuesday, August 6th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.05. As a group, analysts anticipate that Elevation Oncology, Inc. will post -0.82 EPS for the current year.

Wall Street Analyst Weigh In

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

Elevation Oncology Company Profile

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.