Terrified residents reported a major police presence on Crescent Road, Nether Edge, at around 7pm on Sunday.
The road was cordoned off by police amid reports of a stabbing.
This morning, police have confirmed that a 20-year-old man was stabbed in his leg and was taken to hospital.
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He remains in hospital undergoing treatment but police have said the injury is not life threatening.
A spokesperson said: “Police were called at around 7pm yesterday (Sunday 30 August) to reports of a stabbing in Crescent Road, Sheffield.
“Police attended the scene and a 20-year-old man was discovered with a stab wound to his leg. He was taken to hospital to be treated for his injury, which is not thought to be life-threatening.
“A cordon was put in place whilst officers carried out their enquiries.
“If anyone has any information which might help our investigation, please call 101 quoting incident number 779 of 30 August.
Alternatively, you can stay completely anonymous by contacting the independent charity Crimestoppers via their website Crimestoppers-uk.org or by calling their UK Contact Centre on 0800 555 111.”
The stabbing comes one day after a man was taken to hospital after a man was shot just minutes away on Harwell Road.
A police cordon was in place on Abbeydale Road after a number of men were seen running from the scene.
This weekend's violence is the latest in a long line of serious incidents in the area, including the tragic shooting of a dog last month.