Tang Capital Management LLC has recently announced that it has increased stake in Elevation Oncology Inc. (NASDAQ:ELEV) by 182.55%. After grabbing 1.36 million shares, the institutional investor is now in possession of 0.88 million shares of the Healthcare Company. The new investment brought the stake of investor firm to 5.82% having worth around $1.49 million. Moreover, The Vanguard Group, Inc. increased its share by 284.0 to have a control over 0.33 million shares.
Elevation Oncology Inc. (ELEV) concluded trading on 03/15/23 at a closing price of $2.32, with 20.4 million shares of worth about $47.33 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 79.84% during that period and on Wednesday the price saw a gain of about 62.24%. Currently the company’s common shares owned by public are about 23.67M shares, out of which, 22.79M shares are available for trading.
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Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $4.00 and could fall to a lowest price of $1.00. The stock’s current price level is 44.36% above of average price target set by the analysts, while a rise to estimated low would result in loss of -132.0% for the stock. However, touching the estimated high of $4.00 would mean a gain of 42.0% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 8 times over the past 12 months. They bought 75,373 shares in 3 of the transactions. In 5 selling transactions, insiders dumped 762,931 shares.
Stichting Pensioenfonds ABP, Vanguard Total Stock Market Index, and Bridgeway Ultra Small Company Mar are the top 3 mutual funds which are holding stakes in Elevation Oncology Inc. Stichting Pensioenfonds ABP is currently holding 0.38 million shares of worth totaling $0.42 million. The company recently came buying 80259.0 shares which brought its stake up to 1.62% of the company’s outstanding shares. Bridgeway Ultra Small Company Mar, after buying 0.13 million shares, have now control over 0.55% of the stake in the company. It holds 0.0 shares of worth $0.14 million.
Elevation Oncology Inc. (NASDAQ: ELEV) started trading at $1.70, above $0.27 from concluding price of the previous day. However, the stock later moved at a day high price of 2.3800, or with a gain of 62.24%. Stock saw a price change of 74.44% in past 5 days and over the past one month there was a price change of 132.00%. Year-to-date (YTD), ELEV shares are showing a performance of 144.21% which decreased to -12.45% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $0.72 but also hit the highest price of $4.61 during that period. The average intraday trading volume for Elevation Oncology Inc. shares is 117.52K. The stock is currently trading 99.11% above its 20-day simple moving average (SMA20), while that difference is up 116.37% for SMA50 and it goes to 92.42% higher than SMA200.
Tang Capital Management LLC acquired 1.36 million shares of Elevation Oncology Inc. having value of about $1.49 million. Data submitted at the U.S SEC by Tang Capital Management LLC revealed that the firm now holds 0.88 million shares in the company valued at close to $2032255.04, or have control over 182.55% stake in the company. Elevation Oncology Inc. (NASDAQ: ELEV) currently have 23.67M outstanding shares and institutions hold larger chunk of about 73.00% of that. Holding of mutual funds in the company is about 39.77% while other institutional holders and individual stake holders have control over 4.15% and 10.56% of the stake respectively.
The stock has a current market capitalization of $59.93M. It has posted earnings per share of -$4.06 in the same period. It has Quick Ratio of 5.90 while making debt-to-equity ratio of 0.60. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for ELEV, volatility over the week remained 28.23% while standing at 15.87% over the month.
Analysts are in expectations that Elevation Oncology Inc. (ELEV) stock would likely to be making an EPS of -$0.78 in the current quarter, while forecast for next quarter EPS is -$0.66 and it is -$2.07 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.93 which is -$0.4 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.41 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 49.40% while it is estimated to increase by 23.20% in next year.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by H.C. Wainwright on December 23, 2021 offering a Buy rating for the stock and assigned a target price of $12 to it.
