Erasca (NASDAQ:ERAS) Stock Price Down 6.8% – What’s Next?

Erasca, Inc. (NASDAQ:ERAS)’s share price dropped 6.8% on Tuesday . The stock traded as low as $3.01 and last traded at $3.01. Approximately 1,130,069 shares were traded during trading, a decline of 30% from the average daily volume of 1,621,717 shares. The stock had previously closed at $3.23.

Analyst Ratings Changes

A number of equities research analysts have weighed in on ERAS shares. The Goldman Sachs Group raised their price objective on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Friday, October 25th. HC Wainwright reissued a “buy” rating and set a $6.00 price target on shares of Erasca in a research report on Wednesday, November 13th. Finally, Jefferies Financial Group initiated coverage on shares of Erasca in a research note on Monday, November 18th. They set a “buy” rating and a $6.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $5.90.

Erasca Price Performance

The stock’s fifty day simple moving average is $2.75 and its two-hundred day simple moving average is $2.69. The company has a market capitalization of $867.98 million, a price-to-earnings ratio of -3.70 and a beta of 1.20.

Erasca (NASDAQ:ERAS) last released its quarterly 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. On average, sell-side analysts predict that Erasca, Inc. will post -0.73 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ERAS. Creative Planning lifted its holdings in Erasca by 23.0% in the 3rd 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 last quarter. Victory Capital Management Inc. boosted its holdings in shares of Erasca by 82.2% in 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. Edmonds Duncan Registered Investment Advisors LLC boosted its holdings in shares of Erasca by 41.2% in the second quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock worth $81,000 after buying an additional 10,000 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Erasca by 27.0% during the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock valued at $113,000 after acquiring an additional 10,164 shares during the period. Finally, Federated Hermes Inc. purchased a new stake in shares of Erasca in the 2nd quarter valued at approximately $31,000. 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.