Erasca (NASDAQ:ERAS) Trading Up 3% – What’s Next?

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

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ERAS. Bank of America raised Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a research note on Tuesday. Jefferies Financial Group assumed coverage on shares of Erasca in a research note on Monday, November 18th. They issued a “buy” rating and a $6.00 price objective 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 shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Friday, October 25th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $5.70.

Erasca Stock Down 1.1 %

The stock has a 50-day moving average of $2.77 and a 200 day moving average of $2.75. The company has a market capitalization of $769.02 million, a PE ratio of -3.28 and a beta of 1.21.

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

Hedge Funds Weigh In On Erasca

Several institutional investors and hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. bought a new stake in shares of Erasca in the second quarter valued at approximately $31,000. Sei Investments Co. purchased a new position in shares of Erasca in the second quarter valued at $39,000. Victory Capital Management Inc. lifted its holdings in shares of Erasca by 82.2% in the second 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 in the last quarter. Creative Planning grew its stake in Erasca by 23.0% during the third quarter. Creative Planning now owns 20,014 shares of the company’s stock valued at $55,000 after acquiring an additional 3,737 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Erasca by 27.0% in the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock worth $113,000 after purchasing an additional 10,164 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.