Geode Capital Management LLC Increases Position in Elevation Oncology, Inc. (NASDAQ:ELEV)

Geode Capital Management LLC increased its stake in Elevation Oncology, Inc. (NASDAQ:ELEV) by 7.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,110,085 shares of the company’s stock after purchasing an additional 78,509 shares during the quarter. Geode Capital Management LLC owned 1.88% of Elevation Oncology worth $666,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. SG Americas Securities LLC acquired a new stake in Elevation Oncology in the 3rd quarter valued at about $28,000. Barclays PLC grew its stake in Elevation Oncology by 302.4% in the 3rd quarter. Barclays PLC now owns 72,077 shares of the company’s stock valued at $43,000 after acquiring an additional 54,167 shares during the last quarter. XTX Topco Ltd acquired a new stake in Elevation Oncology in the 2nd quarter valued at about $103,000. American Century Companies Inc. grew its stake in Elevation Oncology by 55.7% in the 2nd quarter. American Century Companies Inc. now owns 49,222 shares of the company’s stock valued at $133,000 after acquiring an additional 17,602 shares during the last quarter. Finally, Rhumbline Advisers acquired a new stake in Elevation Oncology in the 2nd quarter valued at about $175,000. Hedge funds and other institutional investors own 83.70% of the company’s stock.

Elevation Oncology Price Performance

ELEV opened at $0.65 on Friday. The company’s 50 day simple moving average is $0.62 and its 200 day simple moving average is $1.05. The company has a debt-to-equity ratio of 0.45, a quick ratio of 17.77 and a current ratio of 17.77. Elevation Oncology, Inc. has a 1 year low of $0.50 and a 1 year high of $5.83. The stock has a market capitalization of $38.43 million, a PE ratio of -0.79 and a beta of 1.28.

Elevation Oncology (NASDAQ:ELEV) last released its earnings results on Wednesday, November 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.20) by ($0.02). As a group, sell-side analysts expect that Elevation Oncology, Inc. will post -0.85 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. William Blair assumed coverage on shares of Elevation Oncology in a research note on Friday, January 3rd. They set an “outperform” rating on the stock. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price target on shares of Elevation Oncology in a research note on Friday, December 13th. JMP Securities reaffirmed a “market outperform” rating and set a $7.00 price target on shares of Elevation Oncology in a research note on Thursday, December 19th. Finally, Stephens reaffirmed an “overweight” rating and set a $5.00 price target on shares of Elevation Oncology in a research note on Friday, December 6th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Elevation Oncology has a consensus rating of “Buy” and an average price target of $7.20.

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.