Erasca (NASDAQ:ERAS) Trading Down 8.7% – Time to Sell?

by · The Cerbat Gem

Erasca, Inc. (NASDAQ:ERAS – Get Free Report)’s stock price was down 8.7% during trading on Friday . The stock 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 Analysts Forecast Growth

ERAS has been the topic of a number of recent analyst reports. HC Wainwright reissued a “buy” rating and issued a $6.00 price objective on shares of Erasca in a research note on Wednesday, November 13th. Jefferies Financial Group assumed coverage on Erasca in a report on Monday, November 18th. They set a “buy” rating and a $6.00 price target for the company. The Goldman Sachs Group raised their price objective on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Bank of America raised 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. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $5.70.

Read Our Latest Stock Analysis on ERAS

Erasca Stock Performance

The company has a market cap of $670.06 million, a P/E ratio of -2.86 and a beta of 1.21. The firm’s 50 day moving average price is $2.77 and its two-hundred day moving average price is $2.76.

Erasca (NASDAQ:ERAS – Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.06. As a group, analysts forecast that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Erasca

A number of institutional investors have recently modified their holdings of the company. Creative Planning grew its position in Erasca by 23.0% in 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 period. Victory Capital Management Inc. lifted its stake in shares of Erasca by 82.2% in the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock valued at $51,000 after buying an additional 9,689 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Erasca by 27.0% during the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock valued at $113,000 after buying an additional 10,164 shares during the last quarter. Federated Hermes Inc. bought a new stake in shares of Erasca during the second quarter worth about $31,000. Finally, Sei Investments Co. acquired a new stake in shares of Erasca in the 2nd quarter worth about $39,000. 67.78% of the stock is owned by institutional investors and hedge funds.

Erasca Company Profile

(Get Free Report)

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.

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