Erasca (NASDAQ:ERAS) Shares Down 6.8% – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS)’s stock price fell 6.8% during mid-day trading on Tuesday . The stock traded as low as $3.01 and last traded at $3.01. 1,130,069 shares traded hands during trading, a decline of 30% from the average session volume of 1,621,717 shares. The stock had previously closed at $3.23.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ERAS. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price target on shares of Erasca in a research note on Wednesday, November 13th. Jefferies Financial Group started coverage on shares of Erasca in a research note on Monday, November 18th. They set a “buy” rating and a $6.00 price target on the stock. Finally, The Goldman Sachs Group lifted their price objective on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Erasca presently has an average rating of “Moderate Buy” and an average target price of $5.90.

Erasca Trading Down 5.0 %

The stock has a market cap of $867.98 million, a P/E ratio of -3.70 and a beta of 1.20. The firm’s fifty day moving average is $2.75 and its 200 day moving average is $2.69.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.06. Research analysts forecast that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Erasca

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Federated Hermes Inc. bought a new stake in shares of Erasca during the second quarter valued at approximately $31,000. Sei Investments Co. acquired a new position in shares of Erasca in the 2nd quarter valued at $39,000. Creative Planning lifted its holdings in shares of Erasca by 23.0% during the 3rd quarter. Creative Planning now owns 20,014 shares of the company’s stock worth $55,000 after acquiring an additional 3,737 shares during the period. Victory Capital Management Inc. boosted its position in shares of Erasca by 82.2% during the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock valued at $51,000 after acquiring an additional 9,689 shares in the last quarter. Finally, Edmonds Duncan Registered Investment Advisors LLC lifted its stake in Erasca by 41.2% during the second quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock worth $81,000 after purchasing an additional 10,000 shares during the period. 67.78% of the stock is currently owned by institutional investors.

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.