Erasca (NASDAQ:ERAS) Trading 7.6% Higher – Here’s Why

Erasca, Inc. (NASDAQ:ERAS)’s share price was up 7.6% on Thursday . The stock traded as high as $2.74 and last traded at $2.70. Approximately 204,107 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 1,595,022 shares. The stock had previously closed at $2.51.

Wall Street Analyst Weigh In

Several research firms have recently commented on ERAS. Jefferies Financial Group began coverage on shares of Erasca in a research report on Monday, November 18th. They set a “buy” rating and a $6.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $6.00 target price on shares of Erasca in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group upped their price target on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Friday, October 25th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $5.90.

Erasca Trading Up 1.5 %

The firm’s fifty day moving average price is $2.77 and its 200 day moving average price is $2.73. The stock has a market capitalization of $774.67 million, a price-to-earnings ratio of -3.30 and a beta of 1.20.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ERAS. State Street Corp increased its stake in Erasca by 145.2% during the 3rd quarter. State Street Corp now owns 6,027,620 shares of the company’s stock worth $16,455,000 after buying an additional 3,569,440 shares during the period. Barclays PLC grew its stake in shares of Erasca by 627.5% in the third quarter. Barclays PLC now owns 343,930 shares of the company’s stock worth $939,000 after acquiring an additional 296,657 shares in the last quarter. The Manufacturers Life Insurance Company increased its position 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 worth $113,000 after acquiring an additional 10,164 shares during the period. Fred Alger Management LLC acquired a new stake in shares of Erasca in the third quarter valued at $630,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Erasca in the third quarter valued at $994,000. 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.