Erasca (NASDAQ:ERAS) Shares Down 4.1% – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS)’s stock price fell 4.1% during trading on Wednesday . The company traded as low as $16.15 and last traded at $16.08. 768,033 shares traded hands during trading, a decline of 87% from the average session volume of 6,012,599 shares. The stock had previously closed at $16.76.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ERAS. Wolfe Research set a $16.00 target price on shares of Erasca in a research note on Thursday, June 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Erasca in a research note on Thursday, June 11th. HC Wainwright increased their price target on shares of Erasca from $18.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Bank of America raised their price target on shares of Erasca from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, August 14th. Finally, HSBC set a $20.00 price objective on shares of Erasca in a research report on Tuesday, July 14th. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Erasca presently has an average rating of “Moderate Buy” and a consensus price target of $22.09.

Erasca Trading Down 0.7%

The stock has a market capitalization of $5.69 billion, a P/E ratio of -17.12 and a beta of 0.64. The company has a fifty day simple moving average of $18.34 and a two-hundred day simple moving average of $15.70.

Erasca (NASDAQ:ERAS) last released its earnings results on Tuesday, August 11th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.03). As a group, analysts forecast that Erasca, Inc. will post -0.49 earnings per share for the current fiscal year.

Institutional Trading of Erasca

Institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company boosted its position in shares of Erasca by 295.5% during the first quarter. The Manufacturers Life Insurance Company now owns 216,614 shares of the company’s stock worth $3,505,000 after purchasing an additional 161,845 shares in the last quarter. Handelsbanken Fonder AB acquired a new position in shares of Erasca in the 2nd quarter valued at $1,500,000. Bank of America Corp DE increased its position in shares of Erasca by 89.6% in the 1st quarter. Bank of America Corp DE now owns 3,055,897 shares of the company’s stock valued at $49,444,000 after buying an additional 1,444,047 shares in the last quarter. E Fund Management Co. Ltd. bought a new stake in shares of Erasca in the 2nd quarter valued at $4,862,000. Finally, BlackRock Inc. acquired a new stake in Erasca during the 2nd quarter worth $387,544,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

Erasca Company Profile

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.