Erasca (NASDAQ:ERAS) Stock Price Down 6.2% – Should You Sell?

Erasca, Inc. (NASDAQ:ERAS)’s stock price dropped 6.2% on Thursday . The company traded as low as $1.78 and last traded at $1.80. 273,666 shares were traded during mid-day trading, a decline of 79% from the average session volume of 1,332,409 shares. The stock had previously closed at $1.92.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ERAS. The Goldman Sachs Group lifted their price target on shares of Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Friday, October 25th. Jefferies Financial Group initiated coverage on shares of Erasca in a research report on Monday, November 18th. They set a “buy” rating and a $6.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $6.00 price objective on shares of Erasca in a report on Wednesday, November 13th. Finally, Bank of America raised shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price for the company in a report on Tuesday, January 7th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Erasca presently has a consensus rating of “Buy” and an average price target of $5.70.

Erasca Stock Down 0.5 %

The business has a 50 day moving average of $2.66 and a 200 day moving average of $2.74. The company has a market capitalization of $523.05 million, a P/E ratio of -2.23 and a beta of 1.21.

Erasca (NASDAQ:ERAS) last posted 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. On average, research analysts anticipate that Erasca, Inc. will post -0.73 EPS for the current year.

Institutional Trading of Erasca

Institutional investors and hedge funds have recently made changes to their positions in the business. Frazier Life Sciences Management L.P. bought a new stake in shares of Erasca during the second quarter valued at approximately $38,270,000. Logos Global Management LP purchased a new stake in shares of Erasca in the 2nd quarter worth $13,924,000. Marshall Wace LLP bought a new position in shares of Erasca during the 2nd quarter worth $8,667,000. State Street Corp raised its holdings in shares of Erasca by 145.2% in the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock valued at $16,455,000 after acquiring an additional 3,569,440 shares in the last quarter. Finally, Affinity Asset Advisors LLC purchased a new stake in Erasca in the second quarter worth about $5,899,000. 67.78% of the stock is currently owned by institutional investors.

Erasca Company Profile

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.