Erasca (NASDAQ:ERAS) Trading Down 6.4% – Time to Sell?

Erasca, Inc. (NASDAQ:ERAS) shares dropped 6.4% on Wednesday . The stock traded as low as $2.74 and last traded at $2.77. Approximately 373,611 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 1,603,549 shares. The stock had previously closed at $2.96.

Analyst Ratings Changes

ERAS has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their target price on Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research 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. Finally, Jefferies Financial Group assumed coverage on shares of Erasca in a report on Monday, November 18th. They issued a “buy” rating and a $6.00 target price on the stock. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Erasca has a consensus rating of “Moderate Buy” and a consensus price target of $5.90.

Erasca Price Performance

The company has a market capitalization of $805.77 million, a price-to-earnings ratio of -3.33 and a beta of 1.20. The business has a fifty day moving average price of $2.80 and a 200 day moving average price of $2.71.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Federated Hermes Inc. bought a new position in Erasca during the second quarter valued at about $31,000. Sei Investments Co. bought a new stake in shares of Erasca during the second quarter valued at approximately $39,000. Victory Capital Management Inc. raised its stake 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 valued at $51,000 after purchasing an additional 9,689 shares in the last quarter. Creative Planning lifted its position in Erasca by 23.0% in the third quarter. Creative Planning now owns 20,014 shares of the company’s stock worth $55,000 after purchasing an additional 3,737 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in 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 buying an additional 10,164 shares in the last quarter. 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.