Erasca (NASDAQ:ERAS) Stock Price Down 6% - Should You Sell?

Key Points

• Erasca, Inc. (NASDAQ:ERAS) experienced a 6% decline in stock price, trading at $1.80 after previously closing at $1.91.
• Analyst ratings have shifted, with Bank of America lowering its price target to $1.00 and Wall Street Zen upgrading to a "hold," indicating mixed market sentiments.
• Institutional ownership stands at 67.78%, with significant recent investments from firms like Ameriprise Financial and California State Teachers Retirement System.

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) traded down 6% on Thursday . The stock traded as low as $1.81 and last traded at $1.80. 64,194 shares changed hands during trading, a decline of 95% from the average session volume of 1,346,055 shares. The stock had previously closed at $1.91.

Wall Street Analyst Weigh In

ERAS has been the subject of a number of recent analyst reports. Bank of America restated an "underperform" rating and set a $1.00 price objective (down previously from $4.00) on shares of Erasca in a report on Wednesday, September 3rd. Wall Street Zen raised Erasca from a "sell" rating to a "hold" rating in a research report on Sunday. Finally, Morgan Stanley reissued an "equal weight" rating and issued a $2.00 price target (down from $4.00) on shares of Erasca in a research report on Monday, August 18th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Erasca presently has a consensus rating of "Moderate Buy" and a consensus price target of $3.71.

Erasca Price Performance

The stock has a market cap of $520.53 million, a price-to-earnings ratio of -4.10 and a beta of 1.08. The firm has a fifty day moving average of $1.58 and a 200 day moving average of $1.44.

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

Institutional Investors Weigh In On Erasca

A number of institutional investors have recently added to or reduced their stakes in ERAS. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Erasca during the 1st quarter worth approximately $39,000. California State Teachers Retirement System boosted its stake in shares of Erasca by 7.1% during the 4th quarter. California State Teachers Retirement System now owns 171,821 shares of the company's stock worth $431,000 after acquiring an additional 11,385 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Erasca by 165.6% during the 4th quarter. Ameriprise Financial Inc. now owns 55,585 shares of the company's stock worth $140,000 after acquiring an additional 34,657 shares in the last quarter. ProShare Advisors LLC boosted its stake in shares of Erasca by 29.7% during the 4th quarter. ProShare Advisors LLC now owns 65,155 shares of the company's stock worth $164,000 after acquiring an additional 14,921 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of Erasca by 20.1% during the 1st quarter. Deutsche Bank AG now owns 163,052 shares of the company's stock worth $223,000 after acquiring an additional 27,282 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.