Why Elevation Oncology (ELEV) Stock Is Getting Obliterated

Elevation Oncology Inc ELEV shares are trading lower by 39.54% to $1.70 Friday morning after the company announced a $50 million public offering.

Elevation Oncology plans to allocate the net proceeds from the offering primarily towards the clinical development of its lead product candidate EO-3021. The remaining funds will be utilized for general corporate purposes.

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The offering is expected to close on or about June 13, subject to the satisfaction of customary closing conditions.

According to data from Benzinga Pro, ELEV has a 52-week high of $5.89 and a 52-week low of $0.72.