Erasca (NASDAQ:ERAS) Stock Price Up 3.8% – Here’s Why

Erasca, Inc. (NASDAQ:ERAS)’s stock price rose 3.8% during mid-day trading on Tuesday . The company traded as high as $2.77 and last traded at $2.74. Approximately 718,831 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 1,624,207 shares. The stock had previously closed at $2.64.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. HC Wainwright restated a “buy” rating and issued a $6.00 target price on shares of Erasca in a research note on Friday. The Goldman Sachs Group boosted their price target on shares of 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 assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $6.10.

Erasca Trading Up 6.1 %

The stock has a fifty day simple moving average of $2.76 and a two-hundred day simple moving average of $2.53. The firm has a market cap of $791 million, a PE ratio of -3.03 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). As a group, sell-side analysts predict that Erasca, Inc. will post -0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Erasca

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