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

Geode Capital Management LLC boosted its holdings in Elevation Oncology, Inc. (NASDAQ:ELEV) by 7.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 1,110,085 shares of the company’s stock after buying an additional 78,509 shares during the period. Geode Capital Management LLC’s holdings in Elevation Oncology were worth $666,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Frazier Life Sciences Management L.P. raised its stake in shares of Elevation Oncology by 102.6% during the third quarter. Frazier Life Sciences Management L.P. now owns 5,993,579 shares of the company’s stock valued at $3,596,000 after purchasing an additional 3,035,000 shares during the period. Logos Global Management LP raised its stake in shares of 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 period. Sphera Funds Management LTD. raised its stake in shares of Elevation Oncology by 227.2% during the third quarter. Sphera Funds Management LTD. now owns 1,079,762 shares of the company’s stock valued at $648,000 after purchasing an additional 749,762 shares during the period. GSA Capital Partners LLP purchased a new stake in shares of Elevation Oncology during the third quarter valued at approximately $260,000. Finally, Affinity Asset Advisors LLC raised its stake in shares of Elevation Oncology by 15.8% during the second quarter. Affinity Asset Advisors LLC now owns 1,468,825 shares of the company’s stock valued at $3,966,000 after purchasing an additional 200,000 shares during the period. Hedge funds and other institutional investors own 83.70% of the company’s stock.

Analyst Ratings Changes

ELEV has been the subject of a number of recent analyst reports. HC Wainwright reissued a “buy” rating and set a $6.00 price target on shares of Elevation Oncology in a research report on Friday, December 13th. Stephens reissued an “overweight” rating and set a $5.00 price target on shares of Elevation Oncology in a research report on Friday, December 6th. William Blair initiated coverage on shares of Elevation Oncology in a research report on Friday, January 3rd. They set an “outperform” rating for the company. Finally, JMP Securities reissued a “market outperform” rating and set a $7.00 price target on shares of Elevation Oncology in a research report on Thursday, December 19th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $7.20.

Elevation Oncology Stock Performance

Elevation Oncology stock opened at $0.65 on Friday. The company has a market cap of $38.43 million, a PE ratio of -0.79 and a beta of 1.28. The company has a fifty day moving average price of $0.62 and a two-hundred day moving average price of $1.05. The company has a debt-to-equity ratio of 0.45, a current ratio of 17.77 and a quick ratio of 17.77. Elevation Oncology, Inc. has a 12 month low of $0.50 and a 12 month high of $5.83.

Elevation Oncology (NASDAQ:ELEV) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.02). Research analysts expect that Elevation Oncology, Inc. will post -0.85 earnings per share 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.