Erasca (NASDAQ:ERAS) Trading 3% Higher – Still a Buy?

Shares of Erasca, Inc. (NASDAQ:ERAS) rose 3% during trading on Wednesday . The company traded as high as $2.79 and last traded at $2.75. Approximately 18,751 shares traded hands during mid-day trading, a decline of 98% from the average daily volume of 808,706 shares. The stock had previously closed at $2.67.

Analyst Upgrades and Downgrades

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

Erasca Stock Performance

The stock has a market capitalization of $670.07 million, a price-to-earnings ratio of -2.86 and a beta of 1.20. The company has a fifty day simple moving average of $2.78 and a two-hundred day simple moving average of $2.75.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.06. As a group, equities analysts anticipate that Erasca, Inc. will post -0.73 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ERAS. Creative Planning raised its stake in 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 in the last quarter. Victory Capital Management Inc. lifted 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 buying an additional 9,689 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Erasca by 27.0% in the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock valued at $113,000 after acquiring an additional 10,164 shares during the last quarter. Federated Hermes Inc. acquired a new stake in shares of Erasca during the second quarter worth $31,000. Finally, Sei Investments Co. bought a new position in Erasca during the second quarter worth $39,000. 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.