Erasca (NASDAQ:ERAS) Trading Down 8.7% – What’s Next?

Erasca, Inc. (NASDAQ:ERAS)’s share price traded down 8.7% during mid-day trading on Friday . The stock traded as low as $2.48 and last traded at $2.51. 865,254 shares were traded during mid-day trading, a decline of 5% from the average session volume of 908,262 shares. The stock had previously closed at $2.75.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $6.00 price objective on shares of Erasca in a research report on Wednesday, November 13th. Jefferies Financial Group assumed coverage on shares of Erasca in a research report on Monday, November 18th. They issued a “buy” rating and a $6.00 price target for the company. Bank of America raised shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price for the company in a research report on Tuesday. Finally, The Goldman Sachs Group increased their target price 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 analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $5.70.

Erasca Stock Down 9.1 %

The stock has a market cap of $706.83 million, a price-to-earnings ratio of -3.01 and a beta of 1.20. The stock’s 50 day moving average price is $2.78 and its two-hundred day moving average price is $2.75.

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. On average, analysts predict that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

Institutional Trading of Erasca

Hedge funds have recently added to or reduced their stakes in the company. Barclays PLC boosted its holdings in Erasca by 627.5% during the third quarter. Barclays PLC now owns 343,930 shares of the company’s stock worth $939,000 after buying an additional 296,657 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Erasca by 36.0% during the third quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock worth $12,295,000 after buying an additional 1,190,807 shares in the last quarter. State Street Corp boosted its holdings in Erasca by 145.2% during the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock worth $16,455,000 after buying an additional 3,569,440 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Erasca by 27.0% during the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock worth $113,000 after buying an additional 10,164 shares in the last quarter. Finally, Fred Alger Management LLC purchased a new stake in Erasca during the third quarter worth $630,000. 67.78% of the stock is 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.