Erasca (NASDAQ:ERAS) Shares Up 5%

Erasca, Inc. (NASDAQ:ERAS)’s share price was up 5% during mid-day trading on Thursday . The company traded as high as $2.95 and last traded at $2.93. Approximately 497,474 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 1,516,380 shares. The stock had previously closed at $2.79.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. The Goldman Sachs Group reduced their target price on Erasca from $4.00 to $3.00 and set a “buy” rating for the company in a research report on Wednesday, August 14th. HC Wainwright lifted their price target on Erasca from $5.00 to $6.00 and gave the company a “buy” rating in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $6.00.

Erasca Trading Up 7.2 %

The company has a market capitalization of $518.34 million, a P/E ratio of -3.54 and a beta of 1.17. The stock’s fifty day moving average is $2.77 and its 200 day moving average is $2.37.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Monday, August 12th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.12). On average, analysts expect that Erasca, Inc. will post -0.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Erasca

Several hedge funds have recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC bought a new position in Erasca during the 4th quarter valued at approximately $35,000. RPO LLC purchased a new position in shares of Erasca in the 4th quarter worth about $44,000. Pale Fire Capital SE boosted its stake in Erasca by 342.0% in the 4th quarter. Pale Fire Capital SE now owns 186,101 shares of the company’s stock worth $396,000 after purchasing an additional 144,000 shares in the last quarter. Pennant Investors LP bought a new position in Erasca in the 4th quarter worth about $354,000. Finally, Sierra Summit Advisors LLC purchased a new stake in Erasca during the 4th quarter valued at about $225,000. 67.78% of the stock is currently owned by institutional investors.

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.