Erasca (NASDAQ:ERAS) Shares Up 5.1% – Time to Buy?

Erasca, Inc. (NASDAQ:ERAS)’s stock price rose 5.1% on Wednesday . The company traded as high as $19.50 and last traded at $18.6610. Approximately 1,954,898 shares were traded during trading, a decline of 68% from the average daily volume of 6,034,873 shares. The stock had previously closed at $17.76.

Wall Street Analysts Forecast Growth

ERAS has been the topic of a number of recent research reports. Wolfe Research set a $16.00 price target on shares of Erasca in a research report on Thursday, June 4th. Mizuho lowered their price objective on shares of Erasca from $28.00 to $26.00 and set an “outperform” rating for the company in a research report on Tuesday, May 12th. Bank of America increased their price objective on shares of Erasca from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, August 14th. Jefferies Financial Group reissued a “buy” rating on shares of Erasca in a report on Tuesday, July 14th. Finally, Wall Street Zen downgraded Erasca from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.09.

Erasca Price Performance

The company has a market cap of $6.74 billion, a price-to-earnings ratio of -20.35 and a beta of 0.66. The firm’s fifty day moving average price is $17.89 and its 200-day moving average price is $15.42.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.03). As a group, equities analysts forecast that Erasca, Inc. will post -0.49 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Erasca

Several large investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Erasca during the second quarter valued at approximately $387,544,000. ARCH Venture Management LLC bought a new position in Erasca in the 2nd quarter worth approximately $129,917,324,000. Spruce Street Capital LP acquired a new stake in Erasca in the 4th quarter valued at approximately $14,469,000. Janus Henderson Group PLC acquired a new stake in Erasca in the 1st quarter valued at approximately $59,988,000. Finally, Commodore Capital LP bought a new stake in Erasca during the 1st quarter valued at $51,372,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

Erasca Company Profile

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.