Erasca (NASDAQ:ERAS) Shares Down 5.1% – What’s Next?

Erasca, Inc. (NASDAQ:ERAS)’s stock price traded down 5.1% during trading on Monday. The company traded as low as $14.17 and last traded at $13.9810. Approximately 271,521 shares were traded during trading, a decline of 95% from the average session volume of 5,852,812 shares. The stock had previously closed at $14.74.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ERAS. Weiss Ratings reissued a “sell (d-)” rating on shares of Erasca in a research note on Tuesday, September 8th. Guggenheim increased their price target on shares of Erasca from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, August 13th. HC Wainwright raised their price target on shares of Erasca from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Bank of America lifted their price objective on Erasca from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, August 14th. Finally, HSBC set a $20.00 price objective on Erasca in a research note on Tuesday, July 14th. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Erasca currently has an average rating of “Moderate Buy” and a consensus target price of $22.09.

Erasca Stock Performance

The company’s 50-day moving average is $16.69 and its 200-day moving average is $15.91. The firm has a market cap of $5.00 billion, a price-to-earnings ratio of -15.05 and a beta of 0.61.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.03). On average, analysts predict that Erasca, Inc. will post -0.49 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in shares of Erasca during the second quarter worth $387,544,000. ARCH Venture Management LLC acquired a new position in shares of Erasca during the second quarter valued at $129,917,324. Spruce Street Capital LP acquired a new position in shares of Erasca during the fourth quarter valued at $14,469,000. Janus Henderson Group PLC bought a new position in Erasca in the first quarter valued at about $59,988,000. Finally, Commodore Capital LP acquired a new stake in Erasca in the first quarter worth about $51,372,000. Institutional investors own 67.78% of the company’s stock.

Erasca Company Profile

Erasca, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for cancers driven by abnormal signaling in the RAS/MAPK pathway. The company’s research and development activities target tumors with RAS mutations or other alterations that can promote cancer growth and resistance to treatment.

Erasca’s pipeline has included naporafenib, an investigational pan-RAF inhibitor designed to block signaling downstream of RAF proteins, as well as other targeted therapies aimed at genetically defined cancer populations.