Erasca (NASDAQ:ERAS) Trading 7.6% Higher – Should You Buy?

Erasca, Inc. (NASDAQ:ERAS)’s stock price shot up 7.6% during mid-day trading on Thursday . The company traded as high as $2.74 and last traded at $2.70. 204,107 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 1,595,022 shares. The stock had previously closed at $2.51.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price objective on shares of Erasca in a research note on Wednesday, November 13th. Jefferies Financial Group assumed coverage on shares of Erasca in a research report on Monday, November 18th. They set a “buy” rating and a $6.00 price target on the stock. Finally, The Goldman Sachs Group upped their price objective on shares of Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Friday, October 25th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $5.90.

Erasca Trading Up 1.5 %

The firm’s fifty day moving average is $2.77 and its 200 day moving average is $2.73. The company has a market cap of $774.67 million, a PE ratio of -3.30 and a beta of 1.20.

Erasca (NASDAQ:ERAS) last released its earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.06. As a group, sell-side analysts anticipate that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Erasca

A number of large investors have recently modified their holdings of ERAS. State Street Corp grew its position 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 purchasing an additional 3,569,440 shares in the last quarter. Barclays PLC boosted its stake in Erasca by 627.5% during the third quarter. Barclays PLC now owns 343,930 shares of the company’s stock worth $939,000 after buying an additional 296,657 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Erasca by 27.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock valued at $113,000 after buying an additional 10,164 shares in the last quarter. Fred Alger Management LLC acquired a new stake in shares of Erasca in the 3rd quarter worth $630,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Erasca during the 3rd quarter worth $994,000. 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.