Erasca (NASDAQ:ERAS) Shares Gap Down – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS) shares gapped down prior to trading on Monday . The stock had previously closed at $2.86, but opened at $2.80. Erasca shares last traded at $2.83, with a volume of 212,990 shares changing hands.

Analyst Ratings Changes

Several equities analysts recently commented on ERAS shares. Jefferies Financial Group started coverage on shares of Erasca in a research note on Monday, November 18th. They issued a “buy” rating and a $6.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and issued a $6.00 price objective on shares of Erasca in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group lifted their target price 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. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $5.90.

Erasca Stock Performance

The firm has a market cap of $865.14 million, a price-to-earnings ratio of -3.46 and a beta of 1.16. The business has a 50 day simple moving average of $2.74 and a 200-day simple moving average of $2.68.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping 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 year.

Institutional Trading of Erasca

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Erasca by 14.4% in the first quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock worth $8,937,000 after acquiring an additional 545,765 shares during the period. Edmonds Duncan Registered Investment Advisors LLC increased its holdings in Erasca by 41.2% in the 2nd quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock worth $81,000 after acquiring an additional 10,000 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Erasca by 50.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 392,490 shares of the company’s stock valued at $926,000 after acquiring an additional 131,829 shares during the period. Rhumbline Advisers boosted its position in Erasca by 27.2% during the second quarter. Rhumbline Advisers now owns 154,615 shares of the company’s stock worth $365,000 after purchasing an additional 33,106 shares during the period. Finally, Victory Capital Management Inc. lifted 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 buying an additional 9,689 shares in the last quarter. 67.78% of the stock is currently owned by institutional investors.

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.