Erasca (NASDAQ:ERAS) Shares Up 6.6% – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS) shares traded up 6.6% during trading on Friday . The stock traded as high as $1.97 and last traded at $2.01. 459,262 shares were traded during mid-day trading, a decline of 64% from the average session volume of 1,287,352 shares. The stock had previously closed at $1.88.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ERAS shares. Jefferies Financial Group assumed coverage on Erasca in a report on Monday, November 18th. They set a “buy” rating and a $6.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $6.00 target price on shares of Erasca in a report on Wednesday, November 13th. Bank of America upgraded shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a report on Tuesday, January 7th. Finally, The Goldman Sachs Group raised their price target on shares of Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a report on Friday, October 25th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $5.70.

Erasca Stock Up 0.3 %

The firm has a market capitalization of $532.95 million, a PE ratio of -2.27 and a beta of 1.21. The company’s fifty day simple moving average is $2.50 and its 200 day simple moving average is $2.71.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.06. Equities research analysts forecast that Erasca, Inc. will post -0.73 EPS for the current year.

Institutional Investors Weigh In On Erasca

Several institutional investors and hedge funds have recently made changes to their positions in ERAS. Sei Investments Co. bought a new position in Erasca during the 2nd quarter valued at about $39,000. Creative Planning grew its position in shares of Erasca by 23.0% during 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 period. Valence8 US LP purchased a new stake in shares of Erasca in the 3rd quarter worth $128,000. The Manufacturers Life Insurance Company lifted its position in 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 purchasing an additional 10,164 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its stake in shares of Erasca by 78.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 54,335 shares of the company’s stock valued at $148,000 after acquiring an additional 23,808 shares during the period. Institutional investors own 67.78% of the company’s stock.

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.