Affinity Asset Advisors LLC Buys 200,000 Shares of Elevation Oncology, Inc. (NASDAQ:ELEV)

Affinity Asset Advisors LLC boosted its stake in shares of Elevation Oncology, Inc. (NASDAQ:ELEV) by 15.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,468,825 shares of the company’s stock after buying an additional 200,000 shares during the quarter. Affinity Asset Advisors LLC owned approximately 2.69% of Elevation Oncology worth $3,966,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Logos Global Management LP boosted its holdings in shares of Elevation Oncology by 285.0% in the second quarter. Logos Global Management LP now owns 3,850,000 shares of the company’s stock valued at $10,395,000 after purchasing an additional 2,850,000 shares during the period. XTX Topco Ltd bought a new stake in shares of Elevation Oncology in the second quarter valued at about $103,000. American Century Companies Inc. increased its position in Elevation Oncology by 55.7% during the 2nd quarter. American Century Companies Inc. now owns 49,222 shares of the company’s stock valued at $133,000 after purchasing an additional 17,602 shares during the period. Rhumbline Advisers bought a new stake in shares of Elevation Oncology in the 2nd quarter valued at about $175,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Elevation Oncology in the 2nd quarter worth approximately $415,000. 83.70% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ELEV. JMP Securities reaffirmed a “market outperform” rating and set a $7.00 price objective on shares of Elevation Oncology in a research report on Monday, July 15th. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price objective on shares of Elevation Oncology in a research report on Wednesday, August 7th. Wedbush reissued an “outperform” rating and set a $8.00 target price on shares of Elevation Oncology in a research report on Tuesday, August 6th. Finally, Piper Sandler assumed coverage on shares of Elevation Oncology in a research note on Friday, May 31st. They issued an “overweight” rating and a $10.00 target price for the company. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Elevation Oncology has an average rating of “Buy” and an average target price of $7.80.

Elevation Oncology Price Performance

NASDAQ ELEV opened at $0.59 on Wednesday. The stock’s fifty day moving average price is $1.25 and its 200 day moving average price is $2.87. Elevation Oncology, Inc. has a 1 year low of $0.36 and a 1 year high of $5.83. The company has a debt-to-equity ratio of 0.38, a current ratio of 41.10 and a quick ratio of 41.10. The company has a market cap of $32.47 million, a price-to-earnings ratio of -0.57 and a beta of 1.26.

Elevation Oncology (NASDAQ:ELEV) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.05. As a group, equities research analysts forecast that Elevation Oncology, Inc. will post -0.82 earnings per share for the current year.

Elevation Oncology 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.