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 U.S. Securities and Exchange Commission (SEC). 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 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 Elevation’s penny stock status. That comes from its low share price of about $3 when markets closed yesterday and its market capitalization of around $73 million. 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 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!
More Friday Stock Market News
- NKLA Stock Alert: Why Nikola Just Hit an All-Time Low
- Why Is Marvell Technology (MRVL) Stock Up 17% Today?
- Why Is Tilray (TLRY) Stock Down 23% Today?
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Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not hold (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.