Dividend Stocks

Why Is Elevation Oncology (ELEV) Stock Up 57% Today?

Elevation Oncology (NASDAQ:ELEV) stock is on the rise Friday despite a lack of news from the pharmaceutical company.

There’s no news that explains why shares of ELEV stock are taking off today. That includes a lack of press releases from the company or any filings with the Securities and Exchange Commission. Likewise, analysts haven’t given any new coverage to the stock.

Instead, investors in ELEV stock are seeing the shares experience incredibly heavy trading on Friday. As of this writing, more than 28 million shares of the stock have been traded. To put that in perspective, the company’s daily average trading volume is about 874,000 shares.

One thing investors will keep in mind is ELEV’s penny stock status. That comes from its low share price of about $3 when markets closed yesterday and its market capitalization of $73.257. This opens it up to volatility from speculative traders.

What Is ELEV Stock?

Elevation Oncology is a company focused on oncology drug development. This has it seeking the discovery and development of selective cancer therapies for patients with solid tumors that have significant unmet needs.

Elevation Oncology went public in June 2021 with a $100 million initial public offering (IPO). That offering saw the company offer 6.25 million shares of ELEV stock for a starting price of $16 each.

ELEV stock is up 57.1% as of Friday morning and is up 404.7% since the start of the year.

Investors looking for more of the latest stock market news will want to keep reading!

We’ve got all of the biggest stock market stories traders need to know about on Friday! Among that is what has shares of Nikola (NASDAQ:NKLA), Marvell Tech (NASDAQ:MRVL), and Tilray (NASDAQ:TLRY) stock moving today. You can find out more on these matters at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that? InvestorPlace.com’s writers disclose this fact and warn readers of the risks. 

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