Erasca (NASDAQ:ERAS) Shares Down 5.8% – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS) traded down 5.8% during mid-day trading on Friday. The company traded as low as $13.86 and last traded at $14.0050. Approximately 228,699 shares were traded during trading, a decline of 96% from the average daily volume of 5,876,580 shares. The stock had previously closed at $14.87.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ERAS shares. Morgan Stanley lifted their price target on Erasca from $12.00 to $21.00 and gave the company an “equal weight” rating in a research report on Monday, July 20th. Bank of America boosted their price objective on Erasca from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, August 14th. Guggenheim upped their price objective on Erasca from $20.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, August 13th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Erasca in a research note on Tuesday, July 14th. Finally, HC Wainwright lifted their target price on Erasca from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.09.

Erasca Trading Down 8.0%

The business’s fifty day moving average is $16.25 and its 200 day moving average is $15.91. The firm has a market capitalization of $4.78 billion, a P/E ratio of -14.39 and a beta of 0.61.

Erasca (NASDAQ:ERAS) last released its earnings results on Tuesday, August 11th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.03). As a group, sell-side analysts predict that Erasca, Inc. will post -0.49 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Erasca

Institutional investors and hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company boosted its stake in shares of Erasca by 295.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 216,614 shares of the company’s stock valued at $3,505,000 after buying an additional 161,845 shares during the period. AXQ Capital LP purchased a new position in shares of Erasca during the 2nd quarter valued at $1,162,000. Bank of America Corp DE acquired a new position in shares of Erasca in the second quarter worth $55,853,000. BlackRock Inc. acquired a new position in shares of Erasca in the second quarter worth $387,544,000. Finally, Handelsbanken Fonder AB acquired a new position in shares of Erasca in the second quarter worth $1,500,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

About Erasca

Erasca, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for cancers driven by abnormal signaling in the RAS/MAPK pathway. The company’s research and development activities target tumors with RAS mutations or other alterations that can promote cancer growth and resistance to treatment.

Erasca’s pipeline has included naporafenib, an investigational pan-RAF inhibitor designed to block signaling downstream of RAF proteins, as well as other targeted therapies aimed at genetically defined cancer populations.