Elevation Oncology Inc (NASDAQ:ELEV) Stock Continues to Trend Lower: Fell 10% Last Week

Elevation Oncology Inc (NASDAQ:ELEV) is currently involved in developing precision medicines that can help in treating patients suffering from genomically defined cancers.

Market Reaction

On Friday, ELEV stock moved down 7% to $7.69 with more than 8.66k shares, compared to its average volume of 38.8k shares. The stock has moved within a range of $7.69 – 8.24 after opening trade at $8.24.

Earnings Review

This past Friday, the company announced its third quarter results for the period that had ended on September 30, 2021 and the numbers did not thrill investors much. The stock actually suffered from a pretty strong selloff and ended up with a decline of as much as 7%. Shawn M Leland, who is the Chief Executive Officer and Founder of the company, spoke about the company’s performance as well.

He stated that Elevation Oncology had continued to make meaningful progress in the third quarter as it tries to develop ‘purpose built’ medicines. At the end of the quarter, the company reported that it had cash and cash equivalents to the tune of as much as $155.2 million. It was also announced that the cash balance is going to be enough to fund Elevation Oncology’s operations up until the second quarter of 2021. Research and developments spending soared to as much as $9.3 million for the quarter and that was considerably higher than the $2.6 million  that it had spent in the prior year period.

Key Quote

“The third quarter was marked by continued progress on our mission to bring purpose-built medicines to patients with genomically defined cancers,” said Shawn M. Leland, PharmD, RPh, Founder and Chief Executive Officer of Elevation Oncology. “The CRESTONE Study is now open and enrolling patients in the US, Canada, and Australia. Our collaboration with Caris Life Sciences is revealing a series of potential programs targeting genomic fusions. Finally, I am also pleased to welcome Valerie Malyvanh Jansen, MD, PhD, as our first Chief Medical Officer.”

Traders Review

ELEV stock is trading below the 20-Day and 50-Day Moving averages of $8.22 and $8.43 respectively. Moreover, the stock is trading below the 200-Day moving average of $10.06. The stock is down 31% over the past 3-month.

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