Erasca (NASDAQ:ERAS) Trading Up 5.4% – Here’s Why

Erasca, Inc. (NASDAQ:ERAS)’s stock price was up 5.4% during mid-day trading on Thursday . The stock traded as high as $15.86 and last traded at $16.5420. 282,151 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 5,948,134 shares. The stock had previously closed at $15.70.

Analysts Set New Price Targets

ERAS has been the topic of a number of recent analyst reports. Bank of America upped their price target on shares of Erasca from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, August 14th. HSBC set a $20.00 price objective on shares of Erasca in a report on Tuesday, July 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Erasca in a report on Tuesday. Wall Street Zen downgraded Erasca from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Finally, HC Wainwright lifted their price objective on Erasca from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Erasca has an average rating of “Moderate Buy” and a consensus price target of $22.09.

Erasca Trading Down 0.9%

The firm’s 50 day moving average is $18.12 and its two-hundred day moving average is $15.83. The stock has a market cap of $5.55 billion, a price-to-earnings ratio of -16.72 and a beta of 0.64.

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, equities analysts expect that Erasca, Inc. will post -0.49 EPS for the current fiscal year.

Institutional Trading of Erasca

A number of hedge funds have recently bought and sold shares of ERAS. Wealthcare Advisory Partners LLC grew its stake in Erasca by 5.0% in the 2nd quarter. Wealthcare Advisory Partners LLC now owns 15,924 shares of the company’s stock worth $292,000 after acquiring an additional 756 shares during the period. Neuberger Berman Group LLC lifted its stake in shares of Erasca by 11.3% during the 4th quarter. Neuberger Berman Group LLC now owns 12,358 shares of the company’s stock worth $46,000 after purchasing an additional 1,253 shares during the period. Abel Hall LLC lifted its stake in shares of Erasca by 8.1% during the 1st quarter. Abel Hall LLC now owns 16,947 shares of the company’s stock worth $274,000 after purchasing an additional 1,265 shares during the period. Nykredit A S purchased a new position in shares of Erasca during the 2nd quarter worth $29,000. Finally, Allworth Financial LP acquired a new stake in shares of Erasca during the second quarter worth $34,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

Erasca Company Profile

Erasca, Inc is a clinical-stage biotechnology company focused on developing treatments for cancers driven by abnormalities in the RAS/MAPK signaling pathway. The company’s research and development strategy is centered on precision oncology, with the goal of addressing cancers that have historically been difficult to treat because of mutations in RAS and related proteins.

Erasca’s lead investigational program is daraxonrasib, also known as RMC-6236, an oral RAS(ON) multi-selective inhibitor designed to target active RAS proteins.