Erasca (NASDAQ:ERAS) Sees Large Volume Increase - Time to Buy?

Key Points

• Erasca's stock volume increased by 79% on Friday, with 2,478,086 shares traded compared to the previous session's 1,387,564 shares. The stock is currently priced at $2.51, up from a prior close of $2.13.
• Analysts have adjusted price targets significantly, with Bank of America reducing its target from $4.00 to $1.00 and Morgan Stanley also lowering its target from $4.00 to $2.00, while the average price target now stands at $3.71.
• Erasca has a market capitalization of $686.48 million and reported earnings per share of ($0.12), matching consensus estimates, with forecasts predicting an EPS of -0.73 for the current fiscal year.

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) shares saw an uptick in trading volume on Friday . 2,478,086 shares traded hands during trading, an increase of 79% from the previous session's volume of 1,387,564 shares.The stock last traded at $2.51 and had previously closed at $2.13.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ERAS shares. Bank of America reiterated an "underperform" rating and set a $1.00 price target (down from $4.00) on shares of Erasca in a research report on Wednesday, September 3rd. Weiss Ratings reissued a "sell (d-)" rating on shares of Erasca in a report on Saturday, September 27th. Morgan Stanley reissued an "equal weight" rating and issued a $2.00 price objective (down from $4.00) on shares of Erasca in a report on Monday, August 18th. Finally, Wall Street Zen raised Erasca from a "sell" rating to a "hold" rating in a report on Sunday, September 21st. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $3.71.

Erasca Stock Performance

The stock has a market capitalization of $686.48 million, a P/E ratio of -5.38 and a beta of 1.17. The business has a 50 day simple moving average of $1.64 and a 200-day simple moving average of $1.47.

Erasca (NASDAQ:ERAS - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported ($0.12) earnings per share for the quarter, hitting the consensus estimate of ($0.12). Equities research analysts forecast that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Institutional Trading of Erasca

A number of hedge funds have recently modified their holdings of the business. Captrust Financial Advisors lifted its holdings in shares of Erasca by 13.6% in the second quarter. Captrust Financial Advisors now owns 54,111 shares of the company's stock valued at $69,000 after purchasing an additional 6,486 shares in the last quarter. Frazier Life Sciences Management L.P. raised its holdings in shares of Erasca by 0.7% during the second quarter. Frazier Life Sciences Management L.P. now owns 22,729,436 shares of the company's stock worth $28,866,000 after acquiring an additional 153,585 shares in the last quarter. EP Wealth Advisors LLC purchased a new stake in shares of Erasca during the second quarter worth $29,000. BNP Paribas Financial Markets raised its holdings in shares of Erasca by 58.0% during the second quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company's stock worth $27,000 after acquiring an additional 7,923 shares in the last quarter. Finally, Brevan Howard Capital Management LP purchased a new stake in shares of Erasca during the second quarter worth $156,000. Hedge funds and other 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.

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