Erasca (NASDAQ:ERAS) Trading Down 8.7% – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS)’s stock price traded down 8.7% during mid-day trading on Friday . The company traded as low as $2.48 and last traded at $2.51. 865,254 shares were traded during mid-day trading, a decline of 5% from the average session volume of 908,262 shares. The stock had previously closed at $2.75.

Wall Street Analyst Weigh In

ERAS has been the topic of several analyst reports. HC Wainwright reissued a “buy” rating and set a $6.00 target price on shares of Erasca in a research report on Wednesday, November 13th. Jefferies Financial Group assumed coverage on Erasca in a report on Monday, November 18th. They set a “buy” rating and a $6.00 price objective on the stock. Bank of America upgraded shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a research note on Tuesday, January 7th. Finally, The Goldman Sachs Group increased their target price on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Friday, October 25th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $5.70.

Erasca Price Performance

The business’s 50 day simple moving average is $2.77 and its 200 day simple moving average is $2.76. The stock has a market cap of $670.06 million, a P/E ratio of -2.86 and a beta of 1.21.

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

Institutional Trading of Erasca

Institutional investors have recently modified their holdings of the company. Creative Planning increased its position 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 purchasing an additional 3,737 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Erasca by 82.2% in the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock valued at $51,000 after purchasing an additional 9,689 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Erasca by 27.0% during the 2nd 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 during the period. Federated Hermes Inc. acquired a new stake in Erasca in the 2nd quarter worth about $31,000. Finally, Sei Investments Co. bought a new stake in shares of Erasca in the second quarter valued at approximately $39,000. 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.