Elevation Oncology Plunges 42% on Ending Development of Lead Drug

Shares of Elevation Oncology (ELEV) plunged more than 40% yesterday after reporting disappointing data from a phase I study on its lead pipeline drug EO-3021 for treating advanced, unresectable or metastatic gastric and gastroesophageal junction (GEJ) cancers.Data from the study showed that patients who were treated with ELEV’s lead drug showed an objective response rate (ORR) of 22.2% —out of 36 evaluable patients, there was one complete response and seven partial responses.ELEV’s Stock PerformanceFollowin ...