Palumbo Wealth Management LLC Buys 51,590 Shares of Elevation Oncology, Inc. (NASDAQ:ELEV)

Palumbo Wealth Management LLC boosted its holdings in shares of Elevation Oncology, Inc. (NASDAQ:ELEV) by 294.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 69,105 shares of the company’s stock after buying an additional 51,590 shares during the quarter. Palumbo Wealth Management LLC owned approximately 0.12% of Elevation Oncology worth $39,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in Elevation Oncology during the third quarter valued at approximately $28,000. JPMorgan Chase & Co. increased its position in Elevation Oncology by 175.9% in the third quarter. JPMorgan Chase & Co. now owns 61,334 shares of the company’s stock worth $37,000 after purchasing an additional 39,101 shares during the last quarter. Barclays PLC increased its position in Elevation Oncology by 302.4% in the third quarter. Barclays PLC now owns 72,077 shares of the company’s stock worth $43,000 after purchasing an additional 54,167 shares during the last quarter. GSA Capital Partners LLP bought a new stake in Elevation Oncology in the third quarter worth $260,000. Finally, State Street Corp increased its position in Elevation Oncology by 13.5% during the third quarter. State Street Corp now owns 1,018,026 shares of the company’s stock valued at $611,000 after acquiring an additional 120,993 shares during the last quarter. 83.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ELEV. HC Wainwright reiterated a “buy” rating and set a $6.00 price objective on shares of Elevation Oncology in a research report on Tuesday, January 14th. JMP Securities reaffirmed a “market outperform” rating and issued a $7.00 price objective on shares of Elevation Oncology in a research note on Thursday, December 19th. Stephens reaffirmed an “overweight” rating and issued a $5.00 price objective on shares of Elevation Oncology in a research note on Friday, December 6th. Finally, William Blair began coverage on shares of Elevation Oncology in a research report on Friday, January 3rd. They set an “outperform” rating for the company. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $7.20.

Elevation Oncology Stock Performance

Shares of Elevation Oncology stock opened at $0.67 on Monday. The firm has a market capitalization of $39.71 million, a P/E ratio of -0.82 and a beta of 1.31. The company has a quick ratio of 17.77, a current ratio of 17.77 and a debt-to-equity ratio of 0.45. The company has a 50 day moving average price of $0.66 and a 200 day moving average price of $0.68. Elevation Oncology, Inc. has a 52 week low of $0.50 and a 52 week high of $5.83.

Elevation Oncology Profile

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.