Erasca (NASDAQ:ERAS) Shares Gap Up – Here’s Why

Erasca, Inc. (NASDAQ:ERAS) gapped up before the market opened on Tuesday . The stock had previously closed at $2.56, but opened at $2.66. Erasca shares last traded at $2.62, with a volume of 49,142 shares changing hands.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Jefferies Financial Group began coverage on shares of Erasca in a research note on Monday, November 18th. They issued a “buy” rating and a $6.00 price objective for the company. The Goldman Sachs Group lifted their price target on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, HC Wainwright restated a “buy” rating and issued a $6.00 target price on shares of Erasca in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.90.

Erasca Stock Down 5.3 %

The company has a market capitalization of $703.99 million, a PE ratio of -3.00 and a beta of 1.20. The firm’s 50-day moving average is $2.81 and its 200-day moving average is $2.72.

Erasca (NASDAQ:ERAS) last announced 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. As a group, equities research analysts predict that Erasca, Inc. will post -0.73 EPS for the current year.

Hedge Funds Weigh In On Erasca

A number of large investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. bought a new position in Erasca during the 3rd quarter worth approximately $181,000. Barclays PLC boosted its position in Erasca by 627.5% during the 3rd quarter. Barclays PLC now owns 343,930 shares of the company’s stock valued at $939,000 after buying an additional 296,657 shares during the period. Geode Capital Management LLC grew its holdings in Erasca by 36.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock worth $12,295,000 after acquiring an additional 1,190,807 shares during the last quarter. Frazier Life Sciences Management L.P. increased its position in shares of Erasca by 19.6% in the third quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock valued at $52,939,000 after acquiring an additional 3,175,471 shares during the period. Finally, State Street Corp raised its stake in shares of Erasca by 145.2% during the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock valued at $16,455,000 after acquiring an additional 3,569,440 shares during the last quarter. Hedge funds and other institutional investors own 67.78% of the company’s stock.

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.