Elevation Oncology Inc [NASDAQ: ELEV] loss -3.64% or -0.17 points to close at $4.50 with a heavy trading volume of 4305697 shares. The company report on March 6, 2024 at 7:30 AM that Elevation Oncology Reports Fourth Quarter and Full Year 2023 Financial Results and Highlights Recent Business Achievements.
–Expanded ongoing Phase 1 clinical trial of EO-3021 globally, dosing first patient in Japan; on track to provide update in mid-2024 and to report additional data in 1H 2025 —- Preclinical proof-of-concept data for HER3-ADC program to be presented at AACR Annual Meeting; plan to nominate development candidate in 2024 –– Raised approximately $17.0M in net proceeds through at-the-market (ATM) facility and refinanced debt facility with K2 Health Ventures; cash runway into the fourth quarter of 2025 –.
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Elevation Oncology, Inc. (Nasdaq: ELEV), an innovative oncology company focused on the discovery and development of selective cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs, today announced financial results for the quarter and full-year ended December 31, 2023, and highlighted recent business achievements.
The daily chart for ELEV points out that the company has recorded 482.15% gains over the past six months.
If we look at the average trading volume of 2.96M shares, ELEV reached to a volume of 4305697 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Elevation Oncology Inc [ELEV]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ELEV shares is $7.75 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ELEV stock is a recommendation set at 1.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
JMP Securities have made an estimate for Elevation Oncology Inc shares, keeping their opinion on the stock as Mkt Outperform, with their previous recommendation back on March 01, 2024. While these analysts kept the previous recommendation, SVB Securities raised their target price from $5 to $8. The new note on the price target was released on May 30, 2023, representing the official price target for Elevation Oncology Inc stock. Previously, the target price had yet another raise to $12, while H.C. Wainwright analysts kept a Buy rating on ELEV stock.
The Average True Range (ATR) for Elevation Oncology Inc is set at 0.54 The Price to Book ratio for the last quarter was 3.48, with the Price to Cash per share for the same quarter was set at 1.96.
Trading performance analysis for ELEV stock
Elevation Oncology Inc [ELEV] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.04. With this latest performance, ELEV shares gained by 44.23% in over the last four-week period, additionally plugging by 482.15% over the last 6 months – not to mention a rise of 233.33% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ELEV stock in for the last two-week period is set at 69.39, with the RSI for the last a single of trading hit 68.64, and the three-weeks RSI is set at 69.51 for Elevation Oncology Inc [ELEV]. The present Moving Average for the last 50 days of trading for this stock 2.65, while it was recorded at 4.73 for the last single week of trading, and 1.47 for the last 200 days.
Elevation Oncology Inc [ELEV]: A deeper dive into fundamental analysis
Elevation Oncology Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 21.22 and a Current Ratio set at 21.22.
Elevation Oncology Inc [ELEV]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Elevation Oncology Inc posted -0.72/share EPS, while the average EPS was predicted by analysts to be reported at -0.59/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -22.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ELEV.
An analysis of Institutional ownership at Elevation Oncology Inc [ELEV]
The top three institutional holders of ELEV stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in ELEV stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in ELEV stock with ownership which is approximately 5.8325%.
