Erasca (NASDAQ:ERAS) Shares Gap Down – What’s Next?

Erasca, Inc. (NASDAQ:ERAS) shares gapped down prior to trading on Monday . The stock had previously closed at $2.86, but opened at $2.80. Erasca shares last traded at $2.83, with a volume of 212,990 shares trading hands.

Wall Street Analyst Weigh In

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

Erasca Price Performance

The firm has a market cap of $867.98 million, a P/E ratio of -3.70 and a beta of 1.20. The stock’s 50-day moving average price is $2.75 and its 200 day moving average price is $2.69.

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

Institutional Trading of Erasca

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Federated Hermes Inc. bought a new stake in shares of Erasca in the 2nd quarter valued at about $31,000. Sei Investments Co. acquired a new position in Erasca in the 2nd quarter valued at about $39,000. Creative Planning raised its holdings 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 acquiring an additional 3,737 shares during the period. Victory Capital Management Inc. lifted its position in 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 boosted its holdings 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 period. 67.78% of the stock is owned by institutional investors.

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.