Is Elevation Oncology Inc (NASDAQ: ELEV) Stock Ready For A Higher Run In Its Share Price?

In the last trading session, 1.12 million Elevation Oncology Inc (NASDAQ:ELEV) shares changed hands as the company’s beta touched 1.10. With the company’s per share price at $2.91 changed hands at -$0.09 or -3.00% during last session, the market valuation stood at $123.41M. ELEV’s last price was a discount, traded about -102.41% off its 52-week high of $5.89. The share price had its 52-week low at $0.36, which suggests the last value was 87.63% up since then. When we look at Elevation Oncology Inc’s average trading volume, we note the 10-day average is 2.18 million shares, with the 3-month average coming to 0.42.

Elevation Oncology Inc (NASDAQ:ELEV) trade information

Instantly ELEV was in red as seen at the end of in last trading. With action -2.02%, the performance over the past five days has been red. The drop to weekly highs of 3.21 subtracted -3.00% to the stock’s daily price. The company’s shares are showing year-to-date upside of 441.90%, with the 5-day performance at -2.02% in the red. However, in the 30-day time frame, Elevation Oncology Inc (NASDAQ:ELEV) is 37.26% up. Looking at the short shares, we see there were 3.52 million shares sold at short interest cover period of 0.5 days.

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Elevation Oncology Inc (ELEV) estimates and forecasts

Data shows that the Elevation Oncology Inc share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 216.17% over the past 6 months, a -75.61% in annual growth rate that is considerably lower than the industry average of 15.50%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Elevation Oncology Inc will rise 72.00%, while the growth in revenue is estimated to hit 59.70% for the next quarter.

The 2024 estimates are for Elevation Oncology Inc earnings to increase by 65.34%.

ELEV Dividends

Elevation Oncology Inc is expected to release its next quarterly earnings report in March.

Elevation Oncology Inc (NASDAQ:ELEV)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 2.26% of Elevation Oncology Inc shares while 86.20% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 88.19%. There are 86.20% institutions holding the Elevation Oncology Inc stock share, with Tang Capital Management, LLC the top institutional holder. As of Jun 29, 2023, the company held 9.44% of the shares, roughly 4.0 million ELEV shares worth $6.08 million.

venBio Partners LLC holds the second largest percentage of outstanding shares, with 6.88% or 2.91 million shares worth $4.43 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Vanguard Extended Market Index Fund. With 0.85 million shares estimated at $1.3 million under it, the former controlled 2.02% of total outstanding shares. On the other hand, Vanguard Extended Market Index Fund held about 0.48% of the shares, roughly 0.2 million shares worth around $0.31 million.

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