Logos Global Management LP Acquires 2,850,000 Shares of Elevation Oncology, Inc. (NASDAQ:ELEV)

Logos Global Management LP grew its position in Elevation Oncology, Inc. (NASDAQ:ELEV) by 285.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,850,000 shares of the company’s stock after acquiring an additional 2,850,000 shares during the period. Logos Global Management LP owned about 7.05% of Elevation Oncology worth $10,395,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of ELEV. SG Americas Securities LLC bought a new stake in shares of Elevation Oncology during the 1st quarter worth about $63,000. Vanguard Group Inc. grew its holdings in Elevation Oncology by 30.8% during the 1st 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. Affinity Asset Advisors LLC bought a new stake in Elevation Oncology during the 1st quarter worth approximately $6,509,000. Darwin Global Management Ltd. acquired a new position in shares of Elevation Oncology during the 1st quarter valued at $11,968,000. Finally, Artal Group S.A. acquired a new position in shares of Elevation Oncology during the 1st quarter valued at $7,762,000. Institutional investors own 83.70% of the company’s stock.

Analyst Upgrades and Downgrades

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

Elevation Oncology Trading Down 1.8 %

Elevation Oncology stock opened at $0.58 on Tuesday. The business has a 50-day simple moving average of $1.30 and a two-hundred day simple moving average of $2.90. 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, Inc. has a 52-week low of $0.36 and a 52-week high of $5.83. The company has a quick ratio of 41.10, a current ratio of 41.10 and a debt-to-equity ratio of 0.38.

Elevation Oncology (NASDAQ:ELEV) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.05. Analysts predict that Elevation Oncology, Inc. will post -0.82 EPS for the current year.

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.