Elevation Oncology, Inc. ELEV shares surged on Monday following the company’s announcement of program updates and upcoming 2024 milestones on Friday.
Unveiling the Strategy
Elevation Oncology revealed plans to provide an update from its ongoing Phase 1 trial of EO-3021 in mid-2024, with additional data anticipated in the first half of 2025.
In addition, the company aims to expand its clinical development program to assess EO-3021 in combination, with further details expected to be disclosed in the first half of 2024.
CEO Joseph Ferra articulated the company’s vision to leverage its ADC and oncology drug development expertise to deliver innovative, selective cancer therapies to millions of patients with significant unmet needs. Ferra remarked, “In 2023, we made meaningful progress toward this goal, focusing our resources on advancing EO-3021, our anti-Claudin 18.2 ADC therapy.”
Elevation’s shares experienced a substantial uptick in trading volume on Monday, with more than 44 million shares changing hands during the regular session. This figure significantly exceeded the stock’s 100-day average of less than 476,000 shares traded, according to data from Benzinga Pro.
Market Response
Elevation Oncology shares closed up 107% at $1.81, based on data from Benzinga Pro.
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