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

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 changing hands.

Analyst Upgrades and Downgrades

ERAS has been the subject of a number of recent research reports. HC Wainwright reiterated a “buy” rating and issued a $6.00 target price on shares of Erasca in a research report on Wednesday, November 13th. The Goldman Sachs Group raised their price objective on shares of 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 started coverage on shares of Erasca in a research report on Monday, November 18th. They set a “buy” rating and a $6.00 price objective for the company.

Erasca Price Performance

The business’s 50 day moving average is $2.77 and its 200-day moving average is $2.75. The company has a market cap of $785.98 million, a PE ratio of -3.35 and a beta of 1.21.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data 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. As a group, sell-side analysts predict that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Erasca

Institutional investors have recently made changes to their positions in the stock. Federated Hermes Inc. purchased a new stake in shares of Erasca during the 2nd quarter worth $31,000. Sei Investments Co. acquired a new position in shares of Erasca during the 2nd quarter valued at about $39,000. Victory Capital Management Inc. increased its stake 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 acquiring an additional 9,689 shares during the last quarter. Creative Planning increased its stake 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 increased its stake in shares of Erasca by 27.0% during the 2nd 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. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

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.