Erasca (NASDAQ:ERAS) Trading Down 3.4% – What’s Next?

Erasca, Inc. (NASDAQ:ERAS)’s share price dropped 3.4% during mid-day trading on Monday . The company traded as low as $2.55 and last traded at $2.55. Approximately 281,677 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 1,607,284 shares. The stock had previously closed at $2.64.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ERAS. HC Wainwright reiterated a “buy” rating and set a $6.00 price target on shares of Erasca in a research report on Friday. The Goldman Sachs Group upped their price target on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $6.10.

Erasca Price Performance

The company has a 50-day moving average price of $2.77 and a two-hundred day moving average price of $2.53. The stock has a market capitalization of $745.80 million, a P/E ratio of -2.87 and a beta of 1.16.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.17) by ($0.12). On average, sell-side analysts expect that Erasca, Inc. will post -0.91 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Creative Planning grew its holdings in shares of Erasca by 23.0% during the third quarter. Creative Planning now owns 20,014 shares of the company’s stock worth $55,000 after purchasing an additional 3,737 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Erasca by 82.2% in the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock worth $51,000 after buying an additional 9,689 shares in the last quarter. Edmonds Duncan Registered Investment Advisors LLC boosted its stake in Erasca by 41.2% in the second quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock worth $81,000 after buying an additional 10,000 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Erasca by 27.0% in the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock worth $113,000 after buying an additional 10,164 shares in the last quarter. Finally, Federated Hermes Inc. purchased a new stake in Erasca in the second quarter worth approximately $31,000. Hedge funds and other institutional investors own 67.78% of the company’s stock.

About Erasca

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.