New low for Elevation after abandoning EO-3021

20 March 2025

Elevation Oncology (Nasdaq: ELEV) has decided to discontinue development of EO-3021, a Claudin 18.2 antibody-drug conjugate (ADC) which was being developed for the treatment of advanced, unresectable or metastatic gastric and gastroesophageal junction (GEJ) cancers.

This announcement led shares in the Boston, USA-based firm to lose nearly 40% of their value during Thursday morning’s trading, dropping to less than $0.30 per share.

Treatment with EO-3021 does not meet our bar for success

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