Why Is Penny Stock Elevation Oncology Trading Lower On Tuesday?
Portfolio Pulse from Vandana Singh
Elevation Oncology Inc. (NASDAQ:ELEV) stock is trading lower after reporting initial data from its Phase 1 trial of EO-3021. The trial showed mixed efficacy results, with a 42.8% objective response rate in patients with high Claudin 18.2 expression. The company plans to continue the trial and expects to share more data in 2025. ELEV stock is down 59% to $0.8733.
August 06, 2024 | 4:36 pm
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Elevation Oncology Inc. (NASDAQ:ELEV) stock is down 59% after reporting mixed initial data from its Phase 1 trial of EO-3021. The trial showed a 42.8% objective response rate in patients with high Claudin 18.2 expression, but no response in patients with low expression. The company plans to continue the trial and share more data in 2025.
The significant drop in stock price indicates a strong negative reaction from investors to the mixed trial results. The lack of efficacy in patients with low Claudin 18.2 expression likely contributed to the sell-off. The company's plan to continue the trial and share more data in 2025 provides some future potential, but the immediate impact is negative.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100