Elevation Oncology, Inc. (NASDAQ:ELEV) Stock Position Boosted by State Street Corp

State Street Corp grew its stake in shares of Elevation Oncology, Inc. (NASDAQ:ELEV) by 13.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,018,026 shares of the company’s stock after buying an additional 120,993 shares during the quarter. State Street Corp owned about 1.72% of Elevation Oncology worth $611,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in ELEV. Bank of New York Mellon Corp bought a new position in Elevation Oncology during the second quarter valued at about $415,000. Rhumbline Advisers bought a new position in shares of Elevation Oncology during the 2nd quarter valued at about $175,000. American Century Companies Inc. grew its stake in shares of Elevation Oncology by 55.7% in the 2nd quarter. American Century Companies Inc. now owns 49,222 shares of the company’s stock worth $133,000 after purchasing an additional 17,602 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Elevation Oncology in the 2nd quarter worth approximately $103,000. Finally, Logos Global Management LP lifted its stake in Elevation Oncology by 285.0% during 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 last quarter. 83.70% of the stock is owned by institutional investors and hedge funds.

Elevation Oncology Stock Up 11.5 %

NASDAQ:ELEV opened at $0.66 on Friday. The business’s fifty day moving average price is $0.61 and its 200 day moving average price is $1.13. The firm has a market capitalization of $39.24 million, a price-to-earnings ratio of -0.81 and a beta of 1.24. The company has a current ratio of 17.77, a quick ratio of 17.77 and a debt-to-equity ratio of 0.45. Elevation Oncology, Inc. has a 1-year low of $0.50 and a 1-year high of $5.83.

Elevation Oncology (NASDAQ:ELEV) last issued its earnings results on Wednesday, November 6th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.02). On average, sell-side analysts forecast that Elevation Oncology, Inc. will post -0.85 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ELEV. JMP Securities restated a “market outperform” rating and issued a $7.00 price target on shares of Elevation Oncology in a research report on Thursday, December 19th. HC Wainwright reaffirmed a “buy” rating and set a $6.00 target price on shares of Elevation Oncology in a research report on Friday, December 13th. Stephens reiterated an “overweight” rating and issued a $5.00 price target on shares of Elevation Oncology in a research report on Friday, December 6th. Finally, William Blair started coverage on Elevation Oncology in a report on Friday. They set an “outperform” rating on the stock. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $7.20.

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.