The elevation screw is a female thread that screws onto a stud dovetailed into the frame. Your screw has obviously come loose from that stud.
It is possible that the stud has slid out to the rear and is now gone.
IF present, screw them back together.
IF you have good hands and the proper tiny screwdriver, loosen the tiny front screw (way up front on the sight leaf) to make this easier.
Either way, you have to push down on the rear sight while turning the elevation screw to the right. This easier IF you have a PROPERLY padded vise to clamp the barrel in.
If you lack ANY of these, take it to a gunsmith-
Good Hands
Padded Vise
Correct screwdrivers
Threaded stud