Erasca (NASDAQ:ERAS) Trading Down 8.7% – What’s Next?

Erasca, Inc. (NASDAQ:ERAS)’s stock price dropped 8.7% during trading on Friday . The company traded as low as $2.48 and last traded at $2.51. Approximately 865,254 shares were traded during mid-day trading, a decline of 5% from the average daily volume of 908,262 shares. The stock had previously closed at $2.75.

Wall Street Analyst Weigh In

ERAS has been the subject of a number of research analyst reports. Jefferies Financial Group initiated coverage on shares of Erasca in a research report on Monday, November 18th. They issued a “buy” rating and a $6.00 target price for the company. Bank of America upgraded shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price target on the stock in a research note on Tuesday. HC Wainwright reiterated a “buy” rating and set a $6.00 price target on shares of Erasca in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group lifted their price target on shares of Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Friday, October 25th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $5.70.

Erasca Trading Down 9.1 %

The company’s 50 day moving average price is $2.78 and its two-hundred day moving average price is $2.75. The firm has a market cap of $706.83 million, a PE ratio of -3.01 and a beta of 1.20.

Erasca (NASDAQ:ERAS) last released its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.06. Equities research analysts expect that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

Institutional Trading of Erasca

Institutional investors and hedge funds have recently bought and sold shares of the stock. Federated Hermes Inc. bought a new stake in Erasca in the 2nd quarter valued at $31,000. Sei Investments Co. bought a new position in Erasca during the 2nd quarter valued at about $39,000. Creative Planning grew its holdings in Erasca by 23.0% during the 3rd quarter. Creative Planning now owns 20,014 shares of the company’s stock valued at $55,000 after purchasing an additional 3,737 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Erasca by 82.2% during the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock valued at $51,000 after purchasing an additional 9,689 shares during the last quarter. Finally, Valence8 US LP bought a new position in Erasca during the 3rd quarter valued at about $128,000. 67.78% of the stock is currently owned by institutional investors.

Erasca Company Profile

Erasca, Inc, a clinical-stage precision oncology company, focuses on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. The company’s lead product is naporafenib which is in phase 1b trial for patients with RAS Q16X solid tumors and plans to initiate a pivotal Phase 3 trial for patients with NRASm melanoma.