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

Erasca, Inc. (NASDAQ:ERAS) shares shot up 7.6% on Thursday . The stock traded as high as $2.74 and last traded at $2.70. 204,107 shares traded 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.

Analysts Set New Price Targets

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

Erasca Price Performance

The stock’s 50-day simple moving average is $2.77 and its two-hundred day simple moving average is $2.73. The firm has a market cap of $783.15 million, a P/E ratio of -3.34 and a beta of 1.20.

Erasca (NASDAQ:ERAS) last released its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.06. As a group, sell-side analysts expect 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. Federated Hermes Inc. acquired a new position in Erasca during the 2nd quarter valued at about $31,000. Sei Investments Co. purchased a new stake in Erasca during the 2nd quarter worth approximately $39,000. Creative Planning increased its stake in Erasca by 23.0% during the 3rd quarter. Creative Planning now owns 20,014 shares of the company’s stock valued at $55,000 after purchasing an additional 3,737 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Erasca by 82.2% during the second 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 period. Finally, Valence8 US LP acquired a new stake in Erasca during the 3rd quarter worth about $128,000. 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.