Erasca (NASDAQ:ERAS) Reaches New 52-Week Low – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS)’s stock price reached a new 52-week low during trading on Friday . The stock traded as low as $1.66 and last traded at $1.67, with a volume of 1625782 shares trading hands. The stock had previously closed at $1.83.

Analyst Ratings Changes

ERAS has been the topic of several research analyst reports. Bank of America raised shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a research report on Tuesday, January 7th. HC Wainwright reissued a “buy” rating and issued a $6.00 price target on shares of Erasca in a report on Wednesday, November 13th. Jefferies Financial Group started coverage on Erasca in a report on Monday, November 18th. They set a “buy” rating and a $6.00 price objective for the company. Finally, The Goldman Sachs Group increased their target price on Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Friday, October 25th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $5.70.

Erasca Trading Down 8.7 %

The stock’s 50-day simple moving average is $2.39 and its 200-day simple moving average is $2.66.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.06. Sell-side analysts expect that Erasca, Inc. will post -0.73 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp grew its stake in Erasca by 145.2% during the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock worth $16,455,000 after buying an additional 3,569,440 shares in the last quarter. Frazier Life Sciences Management L.P. boosted its position in shares of Erasca by 19.6% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock worth $52,939,000 after acquiring an additional 3,175,471 shares in the last quarter. Geode Capital Management LLC increased its stake in Erasca by 36.0% in the third quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock valued at $12,295,000 after acquiring an additional 1,190,807 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Erasca by 29.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,723,630 shares of the company’s stock valued at $4,706,000 after purchasing an additional 390,209 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Erasca during the third quarter worth $994,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

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.