Elevation Oncology Plunges 42% on Ending Development of Lead Drug
Portfolio Pulse from
Elevation Oncology (ELEV) experienced a significant setback after discontinuing its lead drug EO-3021 due to disappointing phase I study results. The company will reduce its workforce by 70%, including its Chief Medical Officer, to extend its cash runway into the second half of 2026. The stock plunged 42% following the announcement.
March 21, 2025 | 6:15 pm
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Company terminated EO-3021 development after underwhelming phase I results, leading to significant workforce reduction and stock price decline.
Termination of lead drug pipeline, significant workforce reduction, and lack of clinical-stage candidates suggest negative short-term market sentiment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100