Erasca (NASDAQ:ERAS) Shares Gap Up – Should You Buy?

by · The Cerbat Gem

Erasca, Inc. (NASDAQ:ERAS – Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $3.34, but opened at $3.43. Erasca shares last traded at $3.3750, with a volume of 321,710 shares trading hands.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Bank of America restated an “underperform” rating and issued a $1.00 price target (down previously from $4.00) on shares of Erasca in a report on Wednesday, September 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Erasca in a research note on Wednesday, October 8th. Wall Street Zen raised Erasca from a “sell” rating to a “hold” rating in a report on Sunday, September 21st. Mizuho set a $5.00 target price on shares of Erasca in a research note on Tuesday. Finally, Guggenheim increased their target price on shares of Erasca from $3.00 to $5.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $4.13.

Read Our Latest Research Report on ERAS

Erasca Stock Performance

The company has a market capitalization of $949.01 million, a P/E ratio of -7.43 and a beta of 1.16. The business has a 50 day moving average of $2.59 and a 200-day moving average of $1.90.

Erasca (NASDAQ:ERAS – Get Free Report) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate of ($0.11). As a group, equities analysts forecast that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets lifted its holdings in Erasca by 58.0% in the second quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock valued at $27,000 after acquiring an additional 7,923 shares during the period. EP Wealth Advisors LLC acquired a new position in shares of Erasca during the second quarter worth $29,000. Russell Investments Group Ltd. acquired a new stake in shares of Erasca in the third quarter valued at approximately $31,000. SG Americas Securities LLC acquired a new stake in shares of Erasca during the third quarter worth $32,000. Finally, Crowley Wealth Management Inc. acquired a new position in Erasca during the third quarter worth about $33,000. 67.78% of the stock is owned by institutional investors.

About Erasca

(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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