Erasca (NASDAQ:ERAS) Shares Gap Up – What’s Next?

Shares of Erasca, Inc. (NASDAQ:ERAS) gapped up prior to trading on Monday . The stock had previously closed at $2.67, but opened at $2.94. Erasca shares last traded at $2.68, with a volume of 112,739 shares changing hands.

Wall Street Analyst Weigh In

ERAS has been the topic of a number of analyst reports. HC Wainwright reiterated a “buy” rating and set a $6.00 price objective on shares of Erasca in a research report on Wednesday, November 13th. Jefferies Financial Group assumed coverage on Erasca in a research note on Monday. They issued a “buy” rating and a $6.00 target price for the company. Finally, The Goldman Sachs Group boosted their price target on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $6.08.

Erasca Stock Up 2.2 %

The stock’s 50-day simple moving average is $2.77 and its 200 day simple moving average is $2.63. The company has a market cap of $788.81 million, a price-to-earnings ratio of -3.36 and a beta of 1.16.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.06. On average, sell-side analysts expect that Erasca, Inc. will post -0.82 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Creative Planning raised its position 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 purchasing an additional 3,737 shares in the last quarter. Victory Capital Management Inc. lifted its stake in 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 acquiring an additional 9,689 shares during the last quarter. Edmonds Duncan Registered Investment Advisors LLC grew its holdings in Erasca by 41.2% during the 2nd quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock worth $81,000 after acquiring an additional 10,000 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Erasca by 27.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock valued at $113,000 after purchasing an additional 10,164 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new stake in shares of Erasca in the 2nd quarter valued at approximately $31,000. 67.78% of the stock is currently owned by hedge funds and other 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.