Erasca (NASDAQ:ERAS) Shares Gap Down – Here’s Why

Erasca, Inc. (NASDAQ:ERAS)’s share price gapped down prior to trading on Monday . The stock had previously closed at $2.86, but opened at $2.80. Erasca shares last traded at $2.83, with a volume of 212,990 shares changing hands.

Analyst Ratings Changes

A number of research analysts recently issued reports on ERAS shares. 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 for the company. The Goldman Sachs Group increased their price objective 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. Finally, HC Wainwright restated a “buy” rating and issued a $6.00 price target on shares of Erasca in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $5.90.

Erasca Trading Up 7.0 %

The company’s 50 day moving average is $2.74 and its 200-day moving average is $2.68. The firm has a market capitalization of $865.14 million, a price-to-earnings ratio of -3.46 and a beta of 1.16.

Erasca (NASDAQ:ERAS) last issued its 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 expect that Erasca, Inc. will post -0.73 EPS for the current year.

Hedge Funds Weigh In On Erasca

Several large investors have recently modified their holdings of the stock. Creative Planning boosted its position in shares of Erasca by 23.0% in the third quarter. Creative Planning now owns 20,014 shares of the company’s stock valued at $55,000 after acquiring an additional 3,737 shares during the period. Victory Capital Management Inc. lifted 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 during the period. Edmonds Duncan Registered Investment Advisors LLC grew 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 purchasing an additional 10,000 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Erasca by 27.0% in the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock worth $113,000 after purchasing an additional 10,164 shares during the period. Finally, Federated Hermes Inc. acquired a new position in Erasca in the second quarter valued at about $31,000. 67.78% of the stock is 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.