Elevation Oncology (NASDAQ:ELEV) Stock, Quote.Headers.trade-ideas

Elevation Oncology

Elevation Oncology Inc is an oncology company focused on the development of targeted therapeutics for the treatment of cancer in genomically defined patient populations. Its lead program is focused on neuregulin-1, or NRG1, fusions, which are rare genomic alterations that have the potential to be therapeutically actionable through targeted HER3 inhibition.

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Elevation Oncology shares dropped after initial data from the Phase 1 trial of EO-3021 showed a 42.8% objective response rate in patients with advanced solid tumors expressing Claudin 18.2. No Grade 4 or 5 adverse events were reported. The company plans further trial expansion in 2025.

Why Is Penny Stock Elevation Oncology Trading Lower On Tuesday?

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JMP Securities analyst Silvan Tuerkcan reiterates Elevation Oncology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ELEV#NASDAQ">ELEV</a>) with a Market Outperform and maintains $7 price target.

Price Target

Reiteration

Analyst Ratings

JMP Securities Reiterates Market Outperform on Elevation Oncology, Maintains $7 Price Target

HC Wainwright &amp; Co. analyst Swayampakula Ramakanth reiterates Elevation Oncology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ELEV#NASDAQ">ELEV</a>) with a Buy and maintains $6 price target.

HC Wainwright & Co. Reiterates Buy on Elevation Oncology, Maintains $6 Price Target

EO-1022 is currently progressing through preclinical development, and Elevation Oncology expects to file an investigational new drug (IND) application in 2026.
Elevation Oncology expects to present EO-1022 preclinical data in 1H 2025 and to file an IND application in 2026.
 &nbsp;

Elevation Oncology Reports Nomination Of EO-1022 As Its HER3 ADC Development Candidate

Stephens &amp; Co. analyst Sudan Loganathan reiterates Elevation Oncology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ELEV#NASDAQ">ELEV</a>) with a Overweight and maintains $5 price target.

Stephens & Co. Reiterates Overweight on Elevation Oncology, Maintains $5 Price Target

Elevation Oncology Announced New Preclinical Data Demonstrating The Combination Potential Of EO-3021, A Claudin 18.2 Antibody-drug Conjugate, With VEGFR2 or PD-1 Inhibitors, The Data Will Be Presented At The European Society For Medical Oncology Immuno-oncology Annual Congress 2024

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<h3>Gainers</h3>
<ul>
<li>IGC Pharma (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/IGC#AMEX">IGC</a>) stock moved upwards by 10.7% to $0.39 during Friday's after-market session. The company's market cap stands at $29.6 million. </li>
<li>TC BioPharm (Holdings) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TCBP#NASDAQ">TCBP</a>) shares rose 10.03% to $5.92. The market value of their outstanding shares is at $3.0 million. </li>
<li>OptiNose (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPTN#NASDAQ">OPTN</a>) stock rose 5.86% to $0.74. The company's market cap stands at $111.5 million. </li>
<li>Brainstorm Cell (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BCLI#NASDAQ">BCLI</a>) stock rose 5.07% to $0.23. The company's market cap stands at $18.6 million. </li>
<li>23andMe Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ME#NASDAQ">ME</a>) stock moved upwards by 4.72% to $0.31. The market value of their outstanding shares is at $155.9 million. </li>
<li>Elevation Oncology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ELEV#NASDAQ">ELEV</a>) shares rose 4.66% to $0.62. The market value of their outstanding shares is at $36.4 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Gain Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GANX#NASDAQ">GANX</a>) stock fell 9.6% to $1.8 during Friday's after-market session. The market value of their outstanding shares is at $45.9 million. </li>
<li>Estrella Immunopharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ESLA#NASDAQ">ESLA</a>) stock declined by 6.53% to $1.11. The company's market cap stands at $40.4 million. As per the news, the Q4 earnings report came out today. </li>
<li>Eyenovia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EYEN#NASDAQ">EYEN</a>) stock decreased by 6.1% to $0.46. The market value of their outstanding shares is at $35.7 million. </li>
<li>Kintara Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KTRA#NASDAQ">KTRA</a>) stock declined by 6.07% to $0.19. The market value of their outstanding shares is at $10.6 million. </li>
<li>Jin Medical International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZJYL#NASDAQ">ZJYL</a>) stock decreased by 5.66% to $2.67. The company's market cap stands at $417.9 million. </li>
<li>Viracta Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VIRX#NASDAQ">VIRX</a>) shares decreased by 5.41% to $0.21. The market value of their outstanding shares is at $8.2 million. 
See Also: <a href="http://www.benzinga.com/money/best-healthcare-stocks/" title="www.benzinga.com/money/best-healthcare-stocks/">www.benzinga.com/money/best-healthcare-stocks/</a></li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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12 Health Care Stocks Moving In Friday's After-Market Session

Elevation Oncology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ELEV#NASDAQ">ELEV</a>), an innovative oncology company focused on the discovery and development of selective cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs, today announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation (FTD) to EO-3021, a differentiated antibody drug conjugate (ADC), for the treatment of patients with advanced or metastatic gastric and gastroesophageal junction (GC/GEJ) cancer expressing Claudin 18.2 that has progressed on or after prior therapy.
"We are delighted to receive Fast Track designation for EO-3021, which marks an encouraging recognition of the unmet medical need in patients with Claudin 18.2-expressing tumors, as well as the potential for EO-3021 to deliver improved therapeutic outcomes," said Joseph Ferra, President and Chief Executive Officer of Elevation Oncology. "This designation is based on nonclinical and initial clinical data from our ongoing Phase 1 clinical trial. As we announced in August, early results showed a confirmed overall response rate of 42.8% in a Claudin 18.2-enriched subset of gastric and GEJ cancer. In addition, we observed differentiated tolerability, with minimal MMAE-associated toxicities, including no neutropenia or peripheral neuropathy/hypoesthesia. We are grateful for the opportunity to potentially expedite the delivery of EO-3021 and look forward to advancing through monotherapy dose expansion and reporting additional data from our ongoing trial in the first half of 2025, and to initiating the combination portion of our study later this year."
Fast Track is a process designed by the FDA to facilitate the development and expedite the review of therapeutic candidates intended to treat serious or life-threatening conditions, for which nonclinical or clinical data demonstrate the potential to address unmet medical needs. Therapeutic candidates that receive FTD may be eligible for more frequent interactions with the FDA to discuss the candidate's development plan. Therapeutic candidates with Fast Track designation may also be eligible for priority review and accelerated approval if supported by clinical data.

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Elevation Oncology's EO-3021 Granted FDA Fast Track for Advanced Gastric Cancer Treatment

U.S. stocks traded higher toward the end of trading, with the S&amp;P 500 gaining more than 2% on Tuesday.
The Dow traded up 1.92% to 39,444.86 while the NASDAQ rose 2.53% to 16,610.32. The S&amp;P 500 also rose, gaining, 2.39% to 5,310.18.
Leading and Lagging Sectors Real estate shares climbed by 2.7% on Tuesday.
In trading on Tuesday, energy shares rose by just 1.1%.
Top Headline Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) reported better-than-expected second-quarter financial results on Tuesday.
Total sales and revenue for the quarter declined 4% year-over-year to $16.69 billion, beating the consensus of $16.68 billion. CAT's adjusted earnings were $5.99 per share, compared to $5.55 a year ago and above the consensus of $5.54.
CAT anticipates 2024 sales and revenues to be slightly lower than 2023 (prior view: sales and revenues to be broadly similar), with the year-over-year decline in the second half being roughly similar to the first half.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>TG Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TGTX#NASDAQ">TGTX</a>) shares shot up 23% to $21.18 after the company reported better-than-expected quarterly financial results and raised its FY24 Briumvi U.S. net product revenue. The company entered into a term loan facility with Blue Owl Capital.</li>
<li>Shares of Clear Secure, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YOU#NYSE">YOU</a>) got a boost, surging 25% to $24.27 after the company reported better-than-expected second-quarter financial results and issued third-quarter revenue guidance above estimates.</li>
<li>Lumen Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUMN#NYSE">LUMN</a>) shares were also up, gaining 87% to $4.8450 after the company announced it secured $5 billion in new business from companies seeking to secure their fiber capacity.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Elevation Oncology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ELEV#NASDAQ">ELEV</a>) shares dropped 60% to $0.8572 following second-quarter results.</li>
<li>Shares of Jumia Technologies AG (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JMIA#NASDAQ">JMIA</a>) were down 52% to $5.09 after the company reported worse-than-expected quarterly sales results.</li>
<li>ThredUp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TDUP#NASDAQ">TDUP</a>) was down, falling 56% to $0.7695 following second-quarter results.</li>
</ul>
Commodities In commodity news, oil traded up 1% to $73.63 while gold traded down 0.6% at $2,430.90.
Silver traded up 0.1% to $27.23 on Tuesday, while copper rose 0.8% to $4.03.
Euro zone
European shares were mixed today. The eurozone's STOXX 600 rose 0.29%, Germany's DAX rose 0.09% and France's CAC 40 fell 0.27%. Spain's IBEX 35 Index fell 0.32%, while London's FTSE 100 rose 0.23%.
Retail sales in the Eurozone declined 0.3% month-over-month in June following a 0.1% gain in May. The HCOB Eurozone construction PMI declined to 41.4 in July, recording the lowest reading in six months.
The S&amp;P Global UK construction PMI rose to 55.3 in July from 52.2 in June, while France construction PMI declined to 39.7 in July from 41 in June. The HCOB Germany construction PMI rose to 40 in July versus 39.7 in June. Retail sales in the UK climbed 0.3% year-over-year in July compared to a 0.5% decline in June.
Asia Pacific Markets
Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 jumping 10.23%, Hong Kong's Hang Seng Index gaining 0.31%, China's Shanghai Composite Index rising 0.23% and S&amp;P BSE Sensex declining 0.21%.
Household spending in Japan declined by 1.4% year-over&#8211;year in June following a 1.8% decline in the previous month.
Economics
<ul>
<li>The Logistics Manager's Index rose to 56.5 in July, recording the strongest reading in four months, and up from 55.3 in June.</li>
<li>The trade deficit in the U.S. shrank to $73.1 billion in June versus the revised gap of $75 billion in the previous month. However, analysts were expecting a gap pf $72.5 billion. Exports increased by 1.5% to $265.9 billion in June.</li>
</ul>
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S&P 500 Surges Over 2%; Caterpillar Earnings Beat Estimates

The stock of Elevation Oncology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ELEV#NASDAQ">ELEV</a>) is trading lower on Tuesday after the company reported initial data from the dose escalation portion of the ongoing Phase 1 trial of EO-3021 in patients with advanced, unresectable, or metastatic solid tumors likely to express Claudin 18.2, including gastric, gastroesophageal junction, pancreatic, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/n40183166/elevation-oncology-announces-promising-initial-data-from-phase-1-clinical-trial-evaluating-eo-3021" rel="noreferrer noopener">or esophageal cancers</a>.
As of the data cutoff date of&nbsp;June 10, 32 patients had been treated. EO-3021 was observed to be generally well-tolerated. No Grade 4 or 5 treatment-related adverse events were reported, and less than 10% of patients discontinued EO-3021 due to adverse events.
Fifteen patients with gastric or GEJ cancers were evaluable for efficacy.
Seven of these 15 patients (47%) had tumors with Claudin 18.2 expression in ≥20% of tumor cells at IHC 2+/3+.
<ul>
<li>In seven patients with Claudin 18.2 in ≥20% of tumor cells at IHC 2+/3+, the objective response rate (ORR) was 42.8% (three confirmed partial responses, one of which was confirmed following data cutoff).</li>
<li>The disease control rate (DCR) was 71.4%, including two patients with stable disease (SD).</li>
<li>In eight patients with Claudin 18.2 in &lt;20% of tumor cells at IHC 2+/3+, the ORR was 0%, and the DCR was 50%, including four patients with SD. Investors are probably reacting to this.</li>
</ul>
Elevation Oncology plans to initiate enrollment in the dose expansion portion of the ongoing Phase 1 trial, further exploring two doses of EO-3021: 2.0 mg/kg IV Q3W and 2.5 mg/kg IV Q3W. These doses were selected to characterize EO-3021 to select an optimized dose for further clinical development.
Elevation Oncology is working to identify the appropriate biomarker threshold and plans to introduce a biomarker cutoff as part of the dose expansion portion of this Phase 1 trial. Elevation Oncology expects to share additional data from the Phase 1 trial, including from the dose expansion cohort, in the first half of 2025.
Elevation Oncology expects its $110.8 million cash, cash equivalents, and marketable securities as of June 30, 2024, to be sufficient to fund its <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/n40183643/elevation-oncology-reports-second-quarter-2024-financial-results-and-highlights-recent-business-ac" rel="noreferrer noopener">current operations into 2026</a>.
Price Action: ELEV stock is down 59% at $0.8733 at the last check Tuesday.
Image by PDPics from Pixabay
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U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining more than 250 points on Tuesday.
The Dow traded up 1.11% to 39,133.65 while the NASDAQ rose 1.71% to 16,477.42. The S&amp;P 500 also rose, gaining, 1.66% to 5,272.52.
Leading and Lagging Sectors Real estate shares climbed by 2.2% on Tuesday.
In trading on Tuesday, energy shares rose by 0.7%.
Top Headline
 Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>) reported better-than-expected quarterly earnings on Tuesday.
The company reported second-quarter adjusted earnings per share of $1.35, beating the street view of $1.33. Total revenues rose 4% to $1.763 billion, missing the consensus of $1.805 billion. GAAP operating profit rose by 6%, while core operating profit grew 10%.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>TG Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TGTX#NASDAQ">TGTX</a>) shares shot up 23% to $21.10 after the company reported better-than-expected quarterly financial results and raised its FY24 Briumvi U.S. net product revenue. The company entered into a term loan facility with Blue Owl Capital.</li>
<li>Shares of Clear Secure, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YOU#NYSE">YOU</a>) got a boost, surging 26% to $24.60 after the company reported better-than-expected second-quarter financial results and issued third-quarter revenue guidance above estimates.</li>
<li>Lumen Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUMN#NYSE">LUMN</a>) shares were also up, gaining 74% to $4.4999 after the company announced it secured $5 billion in new business from companies seeking to secure their fiber capacity.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Elevation Oncology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ELEV#NASDAQ">ELEV</a>) shares dropped 58% to $0.8975 following second-quarter results.</li>
<li>Shares of Jumia Technologies AG (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JMIA#NASDAQ">JMIA</a>) were down 48% to $5.47 after the company reported worse-than-expected quarterly sales results.</li>
<li>ThredUp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TDUP#NASDAQ">TDUP</a>) was down, falling 49% to $0.8861 following second-quarter results.</li>
</ul>
Commodities In commodity news, oil traded up 0.6% to $73.41 while gold traded down 0.8% at $2,424.70.
Silver traded down 0.4% to $27.11 on Tuesday, while copper rose 0.9% to $4.0345.
Euro zone
European shares were mixed today. The eurozone's STOXX 600 rose 0.18%, Germany's DAX fell 0.1% and France's CAC 40 fell 0.44%. Spain's IBEX 35 Index fell 0.45%, while London's FTSE 100 rose 0.14%.
Retail sales in the Eurozone declined 0.3% month-over-month in June following a 0.1% gain in May. The HCOB Eurozone construction PMI declined to 41.4 in July, recording the lowest reading in six months.
The S&amp;P Global UK construction PMI rose to 55.3 in July from 52.2 in June, while France construction PMI declined to 39.7 in July from 41 in June. The HCOB Germany construction PMI rose to 40 in July versus 39.7 in June. Retail sales in the UK climbed 0.3% year-over-year in July compared to a 0.5% decline in June.
Asia Pacific Markets
Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 jumping 10.23%, Hong Kong's Hang Seng Index gaining 0.31%, China's Shanghai Composite Index rising 0.23% and S&amp;P BSE Sensex declining 0.21%.
Household spending in Japan declined by 1.4% year-over&#8211;year in June following a 1.8% decline in the previous month.
Economics
<ul>
<li>The Logistics Manager's Index rose to 56.5 in July, recording the strongest reading in four months, and up from 55.3 in June.</li>
<li>The trade deficit in the U.S. shrank to $73.1 billion in June versus the revised gap of $75 billion in the previous month. However, analysts were expecting a gap pf $72.5 billion. Exports increased by 1.5% to $265.9 billion in June.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/24/08/40188563/this-crowdstrike-analyst-turns-bullish-here-are-top-5-upgrades-for-tuesday">This CrowdStrike Analyst Turns Bullish; Here Are Top 5 Upgrades For Tuesday</a>

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 300 points on Tuesday.
Following the market opening Tuesday, the Dow traded up 0.88% to 39,042.26 while the NASDAQ rose 0.76% to 16,323.66. The S&amp;P 500 also rose, gaining, 1.06% to 5,241.40.
Leading and Lagging Sectors Industrials shares climbed by 1.7% on Tuesday.
In trading on Tuesday, communication services shares rose by 0.6%.
Top Headline The trade deficit in the U.S. shrank to $73.1 billion in June versus the revised gap of $75 billion in the previous month. However, analysts were expecting a gap pf $72.5 billion. Exports increased by 1.5% to $265.9 billion in June.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>VBI Vaccines Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VBIV#NASDAQ">VBIV</a>) shares shot up 178% to $0.1752.</li>
<li>Shares of Regencell Bioscience Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGC#NASDAQ">RGC</a>) got a boost, surging 71% to $11.35&nbsp;.</li>
<li>Lumen Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUMN#NYSE">LUMN</a>) shares were also up, gaining 57% to $4.07 after the company announced it secured $5 billion in new business from companies seeking to secure their fiber capacity.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Elevation Oncology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ELEV#NASDAQ">ELEV</a>) shares dropped 60% to $0.8579 following second-quarter results.</li>
<li>Shares of Jumia Technologies AG (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JMIA#NASDAQ">JMIA</a>) were down 46% to $5.69 after the company reported worse-than-expected quarterly sales results.</li>
<li>ThredUp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TDUP#NASDAQ">TDUP</a>) was down, falling 34% to $1.15 following second-quarter results.</li>
</ul>
Commodities In commodity news, oil traded up 0.8% to $73.53 while gold traded down 0.1% at $2,441.80.
Silver traded up 0.2% to $27.25 on Tuesday, while copper rose 0.5% to $4.0235.
Euro zone
European shares were mixed today. The eurozone's STOXX 600 rose 0.2%, Germany's DAX rose 0.1% and France's CAC 40 fell 0.4%. Spain's IBEX 35 Index fell 0.6%, while London's FTSE 100 rose 0.1%.
Retail sales in the Eurozone declined 0.3% month-over-month in June following a 0.1% gain in May. The HCOB Eurozone construction PMI declined to 41.4 in July, recording the lowest reading in six months.
The S&amp;P Global UK construction PMI rose to 55.3 in July from 52.2 in June, while France construction PMI declined to 39.7 in July from 41 in June. The HCOB Germany construction PMI rose to 40 in July versus 39.7 in June. Retail sales in the UK climbed 0.3% year-over-year in July compared to a 0.5% decline in June.
Asia Pacific Markets
Asian markets closed mostly higher on Tuesday, with Japan's Nikkei 225 jumping 10.23%, Hong Kong's Hang Seng Index gaining 0.31%, China's Shanghai Composite Index rising 0.23% and S&amp;P BSE Sensex declining 0.21%.
Household spending in Japan declined by 1.4% year-over&#8211;year in June following a 1.8% decline in the previous month.
Economics
<ul>
<li>The Logistics Manager's Index rose to 56.5 in July, recording the strongest reading in four months, and up from 55.3 in June.</li>
<li>The trade deficit in the U.S. shrank to $73.1 billion in June versus the revised gap of $75 billion in the previous month. However, analysts were expecting a gap pf $72.5 billion. Exports increased by 1.5% to $265.9 billion in June.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/news/24/08/40188563/this-crowdstrike-analyst-turns-bullish-here-are-top-5-upgrades-for-tuesday">This CrowdStrike Analyst Turns Bullish; Here Are Top 5 Upgrades For Tuesday </a>

VBIV

Dow Jumps Over 300 Points; US Trade Gap Narrows In June

WIIM

Elevation Oncology shares are trading lower. The company reported Q2 financial results.

Guidance

Elevation Oncology Expects Its Existing Cash, Cash Equivalents And Marketable Securities As Of June 30, 2024 Of $110.8M To Be Sufficient To Fund Its Current Operations Into 2026

Elevation Oncology Q2 2024 GAAP EPS $(0.18) Beats $(0.22) Estimate

&quot;We are encouraged to see the benefits of EO-3021&#39;s site-specific conjugation translate clinically, with minimal MMAE-associated toxicities observed in our Phase 1 trial. Coupled with the promising anti-tumor activity reported in patients with gastric or GEJ cancer, the data suggest that EO-3021 is a potential best-in-class Claudin 18.2 antibody drug conjugate. We look forward to advancing into monotherapy dose expansion and initiating our combination cohorts in the months ahead, as well as reporting additional data from our ongoing trial in the first half of 2025.&quot;

Elevation Oncology Reports Initial Data From Dose Escalation Portion Of Ongoing Phase 1 Clinical Trial Of EO-3021; 42.8% Confirmed ORR Observed In Claudin 18.2-enriched Subset Of Gastric And GEJ Cancer

Editor's note: This story has been updated to reflect the proper spelling and city headquarters of GeneDx.
GeneDx Holdings Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WGS#NASDAQ">WGS</a>) has made <a href="https://www.benzinga.com/news/24/04/38517054/why-genedx-shares-are-trading-higher-by-37-here-are-20-stocks-moving-premarket">the biggest gains</a> on the Russell 2000 Index in 2024 as the biotechnology company moves toward more <a href="https://www.benzinga.com/topic/gene-therapy">comprehensive genetic testing</a>.
The Stamford, Connecticut-based company&#8217;s shares have soared 1,101% so far this year as of midday Thursday, <a href="https://www.tradingview.com/symbols/TVC-RUT/components/">according </a>to Tradingview.
Goldman Sachs analyst Matthew Sykes attributes much of GeneDx&#8217;s positive momentum to shifting its testing. The company went from panel-based tests, which look for variants in more than one gene, to exome/genome testing, which analyzes the bulk of a person&#8217;s DNA to find genetic variations.
Also Read: <a href="https://www.benzinga.com/news/earnings/24/04/38505448/genedx-stock-climbs-after-better-than-expected-q1-results-raises-fy24-guidance">GeneDx Stock Climbs After Better-Than-Expected Q1 Results, Raises FY24 Guidance</a>
&#8220;We remain optimistic about WGS's continued focus on converting its mix shift of panel-based tests to whole exome/genome-based tests,&#8221; Sykes wrote in a note on Wednesday.
&#8220;As of 1Q24, 30% of their tests were exome/genome-based, whereas this metric was 16% in 1Q23.&#8221;
He said the transition has expanded the company&#8217;s margins from 33% in the first quarter of 2023 to 61% in this year&#8217;s first quarter.
&#8220;We see gross margins continuing to improve going forward, yet see more moderated growth in out years, reaching the mid-high 60% range exiting 2026,&#8221; he wrote.
&#8220;We see this mix shift evolution as the key driver of WGS's growth in the near term given their initial focus on rare disease/pediatrics.&#8221;
Goldman Sachs maintains revenue estimates for GeneDx at $243 million for 2024, $269 million for 2025 and $306 million for 2026. It expects the company to post losses per share of $1.07 for this year and $0.21 for next year and earnings per share of $0.35 for 2026.
It has given GeneDx a Neutral rating and has increased its price target on the stock from $12.50 to $28.
Analysts expect GeneDx to post a 30 cent loss per share when it reports second-quarter earnings on July 30, up from a 33 cent loss per share registered for the first quarter, <a href="https://pro.benzinga.com/dashboard">according</a> to Benzinga Pro.
GeneDx has distanced itself from stocks held by runner-up small-cap companies Massachusetts-based Corbus Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRBP#NASDAQ">CRBP</a>) and Root, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROOT#NASDAQ">ROOT</a>).
Corbus has risen 834% since the beginning of 2024, while Root, an Ohio-based online car insurance company, has gained 670%.
Price Action: GeneDx has slipped 3.36% to $32.18 by Thursday&#8217;s midday trading, while Corbus has fallen 5.26% to $55.86 and Root has risen 1.49% to $80.59.
Other leading small-cap stocks on Russell 2000
Below are the remaining companies that round out the top-10 list of top performers in the Russell 2000.
<ul>
<li>Elevation Oncology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ELEV#NASDAQ">ELEV</a>), up %411%. </li>
<li>Dave Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DAVE#NASDAQ">DAVE</a>), up 403%.</li>
<li>Avidity Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RNA#NASDAQ">RNA</a>), up 387%.</li>
<li>Sezzle Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEZL#NASDAQ">SEZL</a>), up 322%.</li>
<li>Candel Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CADL#NASDAQ">CADL</a>), up 321%.</li>
<li>NuScale Power Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMR#NYSE">SMR</a>), up 303%.</li>
<li>Janux Therapeutices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JANX#NASDAQ">JANX</a>), up 302%.</li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39797464/small-caps-are-having-a-moment-russell-2000-notches-best-5-day-rally-in-over-4-year">Small Cap Stocks Are Having A Moment: Russell 2000 Notches Best 5-Day Rally In Over 4 Years</a></li>
</ul>
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GeneDx Leads Russell 2000 This Year As It Shifts To More Comprehensive Genetic Testing (CORRECTED)

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AKRO

Press Releases

Elevation Oncology to Present at the Citizens JMP Life Sciences Conference

Elevation Oncology Announces Planned Combination Strategy for EO-3021 in Patients with Gastric or Gastroesophageal Junction Cancer

Elevation Oncology Announces Promising Initial Data from Phase 1 Clinical Trial Evaluating EO-3021 in Patients with Advanced Unresectable or Metastatic Solid Tumors Likely to Express Claudin 18.2

Elevation Oncology Reports Second Quarter 2024 Financial Results and Highlights Recent Business Achievements

Elevation Oncology to Present at the H.C. Wainwright 26th Annual Global Investment Conference

Elevation Oncology Receives Fast Track Designation from the FDA for EO-3021 for the Treatment of Adult Patients with Advanced or Metastatic Gastric or Gastroesophageal Junction Cancer Expressing Claudin 18.2

Elevation Oncology Reports Third Quarter 2024 Financial Results and Highlights Recent Business Achievements

Elevation Oncology to Present at the Piper Sandler 36th Annual Healthcare Conference

Elevation Oncology Presents Preclinical Proof-of-Concept Data Supporting Combination Potential of EO-3021 with VEGFR2 or PD-1 Inhibitors at ESMO Immuno-Oncology Annual Congress 2024

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