Erasca (NASDAQ:ERAS) Shares Gap Up – Should You Buy?

Erasca, Inc. (NASDAQ:ERAS) gapped up before the market opened on Tuesday . The stock had previously closed at $2.56, but opened at $2.66. Erasca shares last traded at $2.62, with a volume of 49,142 shares traded.

Analyst Ratings Changes

A number of equities analysts have weighed in on ERAS shares. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 target price on shares of Erasca in a research note on Wednesday, November 13th. The Goldman Sachs Group boosted 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. Finally, Jefferies Financial Group began coverage on Erasca in a report on Monday, November 18th. They issued a “buy” rating and a $6.00 price target on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.90.

Erasca Stock Performance

The company has a 50-day moving average price of $2.81 and a 200-day moving average price of $2.72. The firm has a market capitalization of $743.57 million, a P/E ratio of -3.16 and a beta of 1.20.

Erasca (NASDAQ:ERAS) last posted 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. Equities analysts predict that Erasca, Inc. will post -0.73 EPS for the current year.

Hedge Funds Weigh In On Erasca

Several institutional investors and hedge funds have recently made changes to their positions in the company. Creative Planning lifted its holdings 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 shares of Erasca by 82.2% during the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock valued at $51,000 after purchasing an additional 9,689 shares in the last quarter. The Manufacturers Life Insurance Company grew its position 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. Federated Hermes Inc. acquired a new stake in Erasca during the 2nd quarter worth approximately $31,000. Finally, Sei Investments Co. bought a new position in Erasca in the second quarter valued at approximately $39,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

About Erasca

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.