Erasca (NASDAQ:ERAS) Stock Price Down 6.1% – Time to Sell?

Shares of Erasca, Inc. (NASDAQ:ERAS) dropped 6.1% during trading on Monday . The stock traded as low as $1.76 and last traded at $1.78. Approximately 359,776 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 1,287,955 shares. The stock had previously closed at $1.89.

Wall Street Analysts Forecast Growth

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

Erasca Trading Up 2.8 %

The business has a 50 day moving average price of $2.44 and a 200-day moving average price of $2.67. The firm has a market capitalization of $517.40 million, a PE ratio of -2.20 and a beta of 1.17.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its stake in shares of Erasca by 6.9% during the 4th quarter. Bank of New York Mellon Corp now owns 544,819 shares of the company’s stock worth $1,367,000 after acquiring an additional 35,268 shares in the last quarter. New York State Common Retirement Fund boosted its position in Erasca by 42.4% during the fourth quarter. New York State Common Retirement Fund now owns 26,859 shares of the company’s stock worth $67,000 after purchasing an additional 8,000 shares in the last quarter. Rhumbline Advisers grew its holdings in Erasca by 5.4% in the fourth quarter. Rhumbline Advisers now owns 223,888 shares of the company’s stock valued at $562,000 after purchasing an additional 11,400 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its position in shares of Erasca by 10.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 59,949 shares of the company’s stock valued at $150,000 after buying an additional 5,614 shares in the last quarter. Finally, SG Americas Securities LLC raised its stake in shares of Erasca by 19.4% during the 4th quarter. SG Americas Securities LLC now owns 77,545 shares of the company’s stock worth $195,000 after buying an additional 12,599 shares during the last quarter. 67.78% of the stock is currently owned by institutional investors and hedge funds.

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.