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In a recent 8-K filing with the Securities and Exchange Commission, Elevation Oncology, Inc. announced its transfer of stock listing from The Nasdaq Global Select Market to The Nasdaq Capital Market, effective as the business opens on Monday. The biotechnology firm, specializing in biological products, currently trading at $0.48 and deemed undervalued by InvestingPro analysis, was previously notified of non-compliance with Nasdaq’s minimum bid price rule, as its shares closed below $1.00 for 30 consecutive business days. The stock has experienced significant pressure, declining 89% over the past year.
The company, headquartered in Boston, Massachusetts, was initially given until March 17, 2025, to meet the bid price requirement. In response, Elevation Oncology applied to transfer its listing to The Nasdaq Capital Market, which has now been approved. This move grants the company an additional 180-day period, until September 15, 2025, to comply with the minimum bid price condition. During this time, the company’s shares will continue to trade under the ticker symbol "ELEV" without interruption. InvestingPro data reveals the company maintains strong liquidity with a current ratio of 21.21 and holds more cash than debt on its balance sheet, providing financial flexibility during this transition period.
To regain compliance, Elevation Oncology’s closing bid price must reach or exceed $1.00 per share for at least 10 consecutive business days before the September deadline. The company has expressed its commitment to monitor the bid price closely and is prepared to consider all available options to address this deficiency, including a potential reverse stock split if necessary.
This development follows the company’s previous name change from 14ner Oncology, Inc. in July 2019. The information provided in this article is based on the statements made in the press release issued by Elevation Oncology.
In other recent news, Elevation Oncology reported its fourth-quarter financial results and announced plans to present preclinical data for its HER3-targeting ADC, EO-1022, at the 2025 American Association for Cancer Research meeting. H.C. Wainwright maintained a Buy rating with a $6.00 price target, highlighting the potential of EO-1022 based on preclinical data showing significant tumor growth inhibition. JMP Securities also expressed confidence in Elevation Oncology, maintaining a Market Outperform rating and a $7.00 price target, citing promising initial response rates for the EO-3021 therapy that exceeded expectations. The company has initiated dosing in a Phase 1 trial for EO-3021 in combination with other treatments for advanced gastric and gastroesophageal junction cancers, with data expected in late 2025 or early 2026. Additionally, Elevation Oncology announced the upcoming departure of its Chief Scientific Officer, David Dornan, who will continue as a consultant to ensure a smooth transition. The company plans to present further monotherapy data for EO-3021 in the first half of 2025, following promising results from 2024. Elevation Oncology’s financial guidance indicates that its cash reserves will support operations into 2026. These developments reflect the company’s strategic focus on advancing its cancer treatment candidates and addressing unmet medical needs in oncology.
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