Farallon Capital Management LLC Trims Stock Holdings in Elevation Oncology, Inc. (NASDAQ:ELEV)

Farallon Capital Management LLC reduced its stake in shares of Elevation Oncology, Inc. (NASDAQ:ELEV) by 7.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,598,418 shares of the company’s stock after selling 288,245 shares during the period. Farallon Capital Management LLC owned 6.59% of Elevation Oncology worth $9,716,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC bought a new position in shares of Elevation Oncology in the first quarter worth approximately $63,000. XTX Topco Ltd purchased a new stake in Elevation Oncology during the 2nd quarter valued at approximately $103,000. American Century Companies Inc. lifted its holdings in shares of Elevation Oncology by 55.7% in the second quarter. American Century Companies Inc. now owns 49,222 shares of the company’s stock worth $133,000 after buying an additional 17,602 shares in the last quarter. Rhumbline Advisers bought a new stake in Elevation Oncology in the 2nd quarter valued at $175,000. Finally, Bank of New York Mellon Corp purchased a new stake in Elevation Oncology in the 2nd quarter worth $415,000. 83.70% of the stock is currently owned by institutional investors.

Elevation Oncology Stock Down 1.8 %

Shares of NASDAQ ELEV opened at $0.58 on Tuesday. 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 firm has a 50-day simple moving average of $1.30 and a two-hundred day simple moving average of $2.90. Elevation Oncology, Inc. has a 1 year low of $0.36 and a 1 year high of $5.83. The company has a market cap of $31.43 million, a P/E ratio of -0.55 and a beta of 1.26.

Elevation Oncology (NASDAQ:ELEV) last released its earnings results on Tuesday, August 6th. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.05. Research analysts anticipate that Elevation Oncology, Inc. will post -0.82 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

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.