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

Shares of Erasca, Inc. (NASDAQ:ERAS) gapped up prior to trading on Tuesday . The stock had previously closed at $2.67, but opened at $2.82. Erasca shares last traded at $2.78, with a volume of 304,458 shares trading hands.

Analysts Set New Price Targets

Several research analysts have issued reports on ERAS shares. Jefferies Financial Group assumed coverage on Erasca in a research note on Monday, November 18th. They set a “buy” rating and a $6.00 price objective for the company. The Goldman Sachs Group lifted their price target on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a report on Friday, October 25th. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price objective on shares of Erasca in a research note on Wednesday, November 13th. Finally, Bank of America raised Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a report on Tuesday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Erasca presently has a consensus rating of “Buy” and a consensus target price of $5.70.

Erasca Price Performance

The firm’s 50-day simple moving average is $2.77 and its two-hundred day simple moving average is $2.75.

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

Institutional Trading of Erasca

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. bought a new position in shares of Erasca in the 2nd quarter valued at about $31,000. Sei Investments Co. bought a new position in Erasca in the second quarter valued at approximately $39,000. Victory Capital Management Inc. grew its holdings in Erasca by 82.2% during the 2nd 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 period. Creative Planning raised its position in shares of Erasca by 23.0% during 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 last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Erasca by 27.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock valued at $113,000 after purchasing an additional 10,164 shares during the period. 67.78% of the stock is currently owned by institutional investors and hedge funds.

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.