Erasca (NASDAQ:ERAS) Shares Up 9.5% – Still a Buy?

Erasca, Inc. (NASDAQ:ERAS)’s share price was up 9.5% during mid-day trading on Wednesday . The company traded as high as $3.18 and last traded at $3.1650. Approximately 1,345,406 shares traded hands during trading, a decline of 8% from the average daily volume of 1,457,093 shares. The stock had previously closed at $2.89.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on ERAS shares. Morgan Stanley reissued an “equal weight” rating and issued a $2.00 target price (down from $4.00) on shares of Erasca in a research note on Monday, August 18th. Stifel Nicolaus set a $6.00 price objective on shares of Erasca in a research report on Thursday, November 6th. Wall Street Zen raised shares of Erasca from a “sell” rating to a “hold” rating in a report on Sunday, September 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a report on Wednesday, October 8th. Finally, Bank of America restated an “underperform” rating and issued a $1.00 price objective (down previously from $4.00) on shares of Erasca in a research note on Wednesday, September 3rd. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Erasca currently has a consensus rating of “Hold” and an average target price of $4.00.

Erasca Trading Up 2.5%

The stock has a market cap of $927.74 million, a P/E ratio of -7.27 and a beta of 1.16. The firm has a 50-day simple moving average of $2.54 and a two-hundred day simple moving average of $1.86.

Erasca (NASDAQ:ERAS) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). Sell-side analysts predict that Erasca, Inc. will post -0.73 earnings per share for the current year.

Institutional Investors Weigh In On Erasca

Institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets raised its holdings in Erasca by 58.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock valued at $27,000 after acquiring an additional 7,923 shares in the last quarter. EP Wealth Advisors LLC acquired a new position in Erasca in the second quarter valued at about $29,000. Russell Investments Group Ltd. acquired a new position in Erasca in the third quarter valued at about $31,000. SG Americas Securities LLC bought a new stake in Erasca during the third quarter worth about $32,000. Finally, Crowley Wealth Management Inc. bought a new position in Erasca in the 3rd quarter valued at about $33,000. 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.