Erasca (NASDAQ:ERAS) Trading Up 7.6% – Here’s Why

Erasca, Inc. (NASDAQ:ERAS) shares traded up 7.6% during mid-day trading on Thursday . The stock traded as high as $2.74 and last traded at $2.70. 204,107 shares were traded during trading, a decline of 87% from the average session volume of 1,595,022 shares. The stock had previously closed at $2.51.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. 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. 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 target price on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price target on shares of Erasca in a report on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $5.90.

Erasca Trading Up 10.4 %

The stock has a market cap of $783.15 million, a PE ratio of -3.34 and a beta of 1.20. The company has a fifty day moving average of $2.77 and a 200-day moving average of $2.73.

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

Institutional Investors Weigh In On Erasca

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ERAS. Franklin Resources Inc. acquired a new position in Erasca in the third quarter valued at $181,000. Barclays PLC increased its position in Erasca by 627.5% during the 3rd quarter. Barclays PLC now owns 343,930 shares of the company’s stock worth $939,000 after purchasing an additional 296,657 shares during the period. Geode Capital Management LLC raised its stake in shares of Erasca by 36.0% during the 3rd 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. Frazier Life Sciences Management L.P. lifted its holdings in shares of Erasca by 19.6% in the 3rd quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock valued at $52,939,000 after buying an additional 3,175,471 shares during the period. Finally, State Street Corp boosted its stake in shares of Erasca by 145.2% in the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock valued at $16,455,000 after buying an additional 3,569,440 shares in the last quarter. Hedge funds and other institutional investors own 67.78% of the company’s stock.

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.