Elevation Oncology Inc. (NASDAQ: ELEV) stock jumped 15.77% on Thursday to $3.01 against a previous-day closing price of $2.60. With 2.14 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.88 million shares. During the session, the Biotechnology company that operates in wider Healthcare sector, reached to the highest price of $3.1700 whereas the lowest price it dropped to was $2.4000. The 52-week range on ELEV shows that it touched its highest point at $5.10 and its lowest point at $0.72 during that stretch. It currently has a 1-year price target of $5.50.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of ELEV was down-trending over the past week, with a drop of -40.51%, but this was down by -0.66% over a month. Three-month performance surged to 150.83% while six-month performance rose 210.31%. The stock lost -14.49% in the past year, while it has gained 216.84% so far this year. A look at the trailing 12-month EPS for ELEV yields -4.08 with Next year EPS estimates of -1.59. For the next quarter, that number is -0.32. This implies an EPS growth rate of -54.70% for this year and 3.60% for next year.
Float and Shares Shorts:
At present, 24.34 million ELEV shares are outstanding with a float of 22.24 million shares on hand for trading. On May 14, 2023, short shares totaled 0.37 million, which was 1.52% higher than short shares on Apr 13, 2023. In addition to Dr. David Dornan Ph.D. as the firm’s Chief Scientific Officer, Dr. Shawn M. Leland Pharm.D., R.Ph. serves as its Advisor.
Through their ownership of 74.24% of ELEV’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 42.35% of ELEV, in contrast to 4.73% held by mutual funds. Shares owned by individuals account for 10.43%. As the largest shareholder in ELEV with 11.98% of the stake, Aisling Capital Management LP holds 2,834,910 shares worth 2,834,910. A second-largest stockholder of ELEV, BVF Partners LP, holds 2,312,200 shares, controlling over 9.77% of the firm’s shares. Cormorant Asset Management LP is the third largest shareholder in ELEV, holding 1,952,032 shares or 8.25% stake. With a 1.60% stake in ELEV, the Stichting Pensioenfonds ABP is the largest stakeholder. A total of 377,807 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 1.12% of ELEV stock, is the second-largest Mutual Fund holder. It holds 265,550 shares valued at 0.7 million. Vanguard Extended Market Index Fu holds 0.69% of the stake in ELEV, owning 163,738 shares worth 0.43 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, ELEV reported revenue of $0.00 and operating income of -$20.11M. The EBITDA in the recently reported quarter was -$20.11M and diluted EPS was -$0.86.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for ELEV since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With ELEV analysts setting a high price target of $5.00 and a low target of $4.00, the average target price over the next 12 months is $4.50. Based on these targets, ELEV could surge 66.11% to reach the target high and rise by 32.89% to reach the target low. Reaching the average price target will result in a growth of 49.5% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded ELEV stock several times over the past three months with 1 Buys and 1 Sells. In these transactions, 12,563 shares were bought while 4,773 shares were sold. The number of buy transactions has increased to 4 while that of sell transactions has risen to 5 over the past year. The total number of shares bought during that period was 87,936 while 64,967 shares were sold.