Erasca (NASDAQ:ERAS) Shares Down 4.8% - What's Next?

Key Points

• Erasca, Inc. (NASDAQ:ERAS) shares fell by 4.8% to $2.31 amid decreased trading volume, dropping 92% from its average daily activity.
• Analyst reports reflect a bearish sentiment with Morgan Stanley setting a target price of $2.00 and Bank of America lowering their target to $1.00, indicating diminished expectations for the company's stock.
• Institutional investors hold a significant stake, owning 67.78% of Erasca's shares, which could provide stability despite recent stock volatility.

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) dropped 4.8% during mid-day trading on Monday . The stock traded as low as $2.33 and last traded at $2.31. Approximately 106,548 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 1,393,705 shares. The stock had previously closed at $2.42.

Analyst Ratings Changes

ERAS has been the subject of several analyst reports. Wall Street Zen raised Erasca from a "sell" rating to a "hold" rating in a research report on Sunday, September 21st. Morgan Stanley restated an "equal weight" rating and issued a $2.00 price target (down previously from $4.00) on shares of Erasca in a report on Monday, August 18th. Bank of America reiterated an "underperform" rating and set a $1.00 price objective (down previously from $4.00) on shares of Erasca in a research note on Wednesday, September 3rd. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Erasca in a research report on Saturday, September 27th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $3.71.

Erasca Price Performance

The business has a fifty day moving average of $1.66 and a 200-day moving average of $1.47. The stock has a market capitalization of $660.95 million, a price-to-earnings ratio of -5.18 and a beta of 1.18.

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

Institutional Investors Weigh In On Erasca

Institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets raised its position 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 purchasing an additional 7,923 shares during the period. EP Wealth Advisors LLC acquired a new stake in Erasca during the 2nd quarter worth about $29,000. Dynamic Technology Lab Private Ltd boosted its holdings in shares of Erasca by 180.8% in the second quarter. Dynamic Technology Lab Private Ltd now owns 29,177 shares of the company's stock worth $37,000 after buying an additional 18,788 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Erasca in the 1st quarter valued at approximately $39,000. Finally, Los Angeles Capital Management LLC acquired a new position in Erasca in the 2nd quarter worth approximately $45,000. Institutional investors and hedge funds own 67.78% of the company's stock.

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.

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