Erasca (NASDAQ:ERAS) Stock Price Down 6.1% – Should You Sell?

Erasca, Inc. (NASDAQ:ERAS)’s stock price dropped 6.1% during mid-day trading on Monday . The company traded as low as $1.76 and last traded at $1.78. Approximately 359,776 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 1,287,955 shares. The stock had previously closed at $1.89.

Analyst Ratings Changes

Several analysts have commented on ERAS shares. Jefferies Financial Group initiated coverage on shares of Erasca in a research note on Monday, November 18th. They issued a “buy” rating and a $6.00 target price for the company. HC Wainwright reissued a “buy” rating and issued a $6.00 target price on shares of Erasca in a research report on Wednesday, November 13th. Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a report on Tuesday, January 7th. Finally, The Goldman Sachs Group increased their price objective on shares of Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Friday, October 25th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Erasca presently has an average rating of “Buy” and an average price target of $5.70.

Erasca Trading Up 2.8 %

The business’s 50-day simple moving average is $2.44 and its two-hundred day simple moving average is $2.67. The company has a market capitalization of $517.40 million, a PE ratio of -2.20 and a beta of 1.17.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data 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. On average, analysts forecast that Erasca, Inc. will post -0.73 EPS for the current year.

Institutional Trading of Erasca

Several large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its position in Erasca by 56.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 500,058 shares of the company’s stock valued at $1,180,000 after buying an additional 179,797 shares in the last quarter. Sei Investments Co. bought a new stake in Erasca during the second quarter worth approximately $39,000. Squarepoint Ops LLC raised its holdings in Erasca by 169.3% during the second quarter. Squarepoint Ops LLC now owns 150,826 shares of the company’s stock worth $356,000 after purchasing an additional 94,829 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Erasca by 27.0% in the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock worth $113,000 after purchasing an additional 10,164 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of Erasca by 183.7% during the 3rd quarter. SG Americas Securities LLC now owns 64,946 shares of the company’s stock valued at $177,000 after purchasing an additional 42,056 shares during the period. 67.78% of the stock is currently owned by institutional investors and hedge funds.

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.