Erasca (NASDAQ:ERAS) Trading Down 6.2% – Time to Sell?

Erasca, Inc. (NASDAQ:ERAS)’s share price traded down 6.2% during trading on Thursday . The stock traded as low as $1.78 and last traded at $1.80. 273,666 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 1,332,409 shares. The stock had previously closed at $1.92.

Wall Street Analysts Forecast Growth

ERAS has been the topic of several research reports. HC Wainwright restated a “buy” rating and set a $6.00 price target on shares of Erasca in a report on Wednesday, November 13th. Jefferies Financial Group assumed coverage on shares of Erasca in a research note on Monday, November 18th. They set 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 price objective on the stock in a research note on Tuesday, January 7th. Finally, The Goldman Sachs Group raised 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. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $5.70.

Erasca Stock Performance

The stock’s 50 day moving average price is $2.71 and its 200 day moving average price is $2.75. The company has a market capitalization of $507.50 million, a P/E ratio of -2.16 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. On average, analysts expect that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Erasca

Several institutional investors have recently added to or reduced their stakes in the business. Federated Hermes Inc. bought a new stake in shares of Erasca in the 2nd quarter valued at $31,000. Sei Investments Co. acquired a new position in shares of Erasca during the second quarter valued at about $39,000. Creative Planning boosted its position in shares of Erasca by 23.0% during the 3rd quarter. Creative Planning now owns 20,014 shares of the company’s stock worth $55,000 after purchasing an additional 3,737 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Erasca by 82.2% in the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock valued at $51,000 after buying an additional 9,689 shares during the period. Finally, Valence8 US LP bought a new stake in Erasca in the 3rd quarter valued at about $128,000. 67.78% of the stock is owned by institutional investors and hedge funds.

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.