Erasca (NASDAQ:ERAS) Trading 3.8% Higher – Should You Buy?

by · The Markets Daily

Erasca, Inc. (NASDAQ:ERAS – Get Free Report)’s stock price traded up 3.8% on Tuesday . The stock traded as high as $2.77 and last traded at $2.74. 718,831 shares traded hands during trading, a decline of 56% from the average session volume of 1,624,207 shares. The stock had previously closed at $2.64.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. The Goldman Sachs Group lifted their target price on Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Friday, October 25th. HC Wainwright restated a “buy” rating and issued a $6.00 price objective on shares of Erasca in a report on Friday, October 25th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.10.

Read Our Latest Report on ERAS

Erasca Price Performance

The firm has a fifty day moving average of $2.76 and a two-hundred day moving average of $2.54. The stock has a market capitalization of $762.76 million, a P/E ratio of -2.93 and a beta of 1.16.

Erasca (NASDAQ:ERAS – Get Free Report) last announced its earnings results on Monday, August 12th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.12). As a group, sell-side analysts forecast that Erasca, Inc. will post -0.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Erasca

Large investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. bought a new position in Erasca in the second quarter worth about $31,000. Sei Investments Co. purchased a new stake in shares of Erasca during the second quarter worth about $39,000. Creative Planning grew its stake in shares of Erasca by 23.0% during the third quarter. Creative Planning now owns 20,014 shares of the company’s stock worth $55,000 after acquiring an additional 3,737 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Erasca by 82.2% during the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock worth $51,000 after acquiring an additional 9,689 shares during the last quarter. Finally, Edmonds Duncan Registered Investment Advisors LLC grew its stake in shares of Erasca by 41.2% during the second quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock worth $81,000 after acquiring an additional 10,000 shares during the last quarter. 67.78% of the stock is currently owned by institutional investors.

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.

Recommended Stories