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      Elevation Oncology, Inc. (ELEV) Stock Surged 21.61% Today, Here’s Why - Stocks Telegraph

      By Iqra Jamal

      Published on

      December 7, 2021

      4:45 PM UTC

      Elevation Oncology, Inc. (ELEV) Stock Surged 21.61% Today, Here’s Why - Stocks Telegraph

      Elevation Oncology, Inc. (ELEV) stock surged 21.61% in the current-market trading session at the price of $5.29 despite no fundamental reason. The last published news was its financial results for the third quarter ended 30th September 2021.

      ELEV intends to make genomic tests actionable by developing drugs to repress specific alterations that drive tumor growth. Its lead candidate, seribantumab, has been designed to inhibit tumor growth related to NRG1 fusions.

      ELEV Third Quarter 2021 Financial Results

      On 12th November 2021, ELEV published its financial results for the third quarter that ended 30th September 2021. The company has also provided its business updates.

      Financial Highlights

      As of 30th September 2021, ELEV has cash and cash equivalents of $155.2 million. It has expected to fund current operations till the second quarter of 2023. For the third quarter ended 30th September 2021, net loss totaled $12.3 million. Net loss was $3.0 million for the third quarter ended 30th September 2020.

      ELEV reported research and development expenses of $9.3 million for the third quarter of 2021. For the third quarter of 2020, research and development expenses were $2.6 million.  The rise in R&D expense resulted from higher manufacturing and clinical trial costs related to the CRESTONE study.

      For the third quarter ended 30th September 2021, ELEV reported general and administrative costs of $3.0 million. General and administrative expenses were $0.5 million for the third quarter ended 30th September 2020. The higher G&A expenses resulted from professional services, personal charges, and other administrative costs.

      Management Comments

      Founder and Chief Executive Officer of ELEV, Shawn M. Leland, remarked that their third quarter witnessed continued growth in their target to provide purpose-built medicines to genomically defined cancer patients. The CRESTONE Study is open and enrolling patients in the United States, Canada, and Australia. They are satisfied with the durable clinical benefit of seribantumab for patients with metastatic pancreatic cancer. Their partnership with Caris Life Sciences has unveiled a series of potential plans targeting genomic fusions. He is happy to welcome Valerie Malyvanh Jansen as their first Chief Medical Officer, he added.

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