Erasca (NASDAQ:ERAS) Shares Up 3% – Still a Buy?

Erasca, Inc. (NASDAQ:ERAS) shares were up 3% during mid-day trading on Wednesday . The stock traded as high as $2.79 and last traded at $2.75. Approximately 18,751 shares traded hands during trading, a decline of 98% from the average daily volume of 808,706 shares. The stock had previously closed at $2.67.

Analyst Upgrades and Downgrades

ERAS has been the topic of several recent research reports. The Goldman Sachs Group lifted their price objective on Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a report on Friday, October 25th. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price objective on shares of Erasca in a report on Wednesday, November 13th. Jefferies Financial Group initiated coverage on Erasca in a report on Monday, November 18th. They issued a “buy” rating and a $6.00 price target for the company. Finally, Bank of America upgraded shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a research report on Tuesday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $5.70.

Erasca Trading Down 13.8 %

The stock has a market capitalization of $670.07 million, a P/E ratio of -2.86 and a beta of 1.20. The company has a fifty day simple moving average of $2.78 and a two-hundred day simple moving average of $2.75.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.06. As a group, analysts forecast that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Erasca

Several hedge funds have recently bought and sold shares of ERAS. Creative Planning increased its position in shares of 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 buying an additional 3,737 shares in the last quarter. Victory Capital Management Inc. increased 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 acquiring an additional 9,689 shares in the last quarter. The Manufacturers Life Insurance Company raised its position 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 worth $113,000 after purchasing an additional 10,164 shares during the period. Federated Hermes Inc. bought a new position in shares of Erasca during the 2nd quarter valued at about $31,000. Finally, Sei Investments Co. bought a new position in shares of Erasca during the 2nd quarter valued at about $39,000. 67.78% of the stock is currently owned by institutional investors and hedge funds.

About Erasca

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.