Erasca (NASDAQ:ERAS) Stock Price Up 4.3% – Time to Buy?

Erasca, Inc. (NASDAQ:ERAS)’s stock price was up 4.3% on Monday. The stock traded as high as $15.25 and last traded at $15.01. Approximately 371,217 shares were traded during trading, a decline of 94% from the average session volume of 5,827,720 shares. The stock had previously closed at $14.39.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Guggenheim lifted their target price on Erasca from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. HSBC set a $20.00 target price on Erasca in a report on Tuesday, July 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a research report on Tuesday, September 8th. HC Wainwright lifted their price target on Erasca from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Finally, Morgan Stanley upped their price objective on shares of Erasca from $12.00 to $21.00 and gave the company an “equal weight” rating in a research note on Monday, July 20th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.09.

Erasca Stock Performance

The stock’s 50-day simple moving average is $15.74 and its two-hundred day simple moving average is $15.80. The stock has a market cap of $5.28 billion, a price-to-earnings ratio of -15.85 and a beta of 0.61.

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

Hedge Funds Weigh In On Erasca

Several hedge funds and other institutional investors have recently made changes to their positions in ERAS. Frazier Life Sciences Management L.P. lifted its stake in shares of Erasca by 1.2% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 24,975,188 shares of the company’s stock worth $457,545,000 after buying an additional 300,000 shares during the last quarter. BlackRock Inc. bought a new position in shares of Erasca during the second quarter worth about $387,544,000. Vivo Capital LLC boosted its stake in shares of Erasca by 31.0% in the 1st quarter. Vivo Capital LLC now owns 12,151,480 shares of the company’s stock valued at $196,611,000 after purchasing an additional 2,878,052 shares during the last quarter. Siren L.L.C. lifted its stake in shares of Erasca by 28.4% in the 1st quarter. Siren L.L.C. now owns 11,244,246 shares of the company’s stock valued at $181,932,000 after purchasing an additional 2,486,997 shares during the period. Finally, ARCH Venture Management LLC acquired a new stake in shares of Erasca during the 2nd quarter worth approximately $129,917,324. 67.78% of the stock is owned by institutional investors.

Erasca Company Profile

Erasca, Inc (NASDAQ: ERAS) is a clinical-stage biopharmaceutical company focused on developing precision medicines for patients with RAS/MAPK pathway-driven cancers. The company’s research and development programs are designed to target molecular alterations that contribute to tumor growth and treatment resistance, including mutations involving the RAS family of proteins and related signaling pathways.

Erasca’s pipeline has included small-molecule oncology candidates such as naporafenib, a pan-RAF inhibitor being studied in cancers with aberrant RAS/MAPK signaling, as well as additional investigational therapies intended to address difficult-to-treat oncogenic drivers.