Erasca (NASDAQ:ERAS) Trading 6.7% Higher - Time to Buy?

Key Points

• Erasca's stock price rose by 6.7%, trading at $2.49 after reaching a high of $2.52, with trading volume increasing significantly by 334%.
• Analysts have varied ratings, with Bank of America lowering its target price to $1.00 and Morgan Stanley adjusting its price objective to $2.00, while five analysts still rate the stock as a Buy.
• The company, specializing in oncology treatments, reported earnings of ($0.12) per share, matching analysts' estimates, and is projected to post -0.73 EPS for the current year.

Erasca, Inc. (NASDAQ:ERAS - Get Free Report)'s stock price was up 6.7% on Tuesday . The company traded as high as $2.52 and last traded at $2.49. Approximately 6,202,163 shares traded hands during mid-day trading, an increase of 334% from the average daily volume of 1,428,484 shares. The stock had previously closed at $2.33.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Bank of America reissued an "underperform" rating and issued a $1.00 target price (down from $4.00) on shares of Erasca in a report on Wednesday, September 3rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Erasca in a research report on Saturday, September 27th. Morgan Stanley restated 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 upgraded Erasca from a "sell" rating to a "hold" rating in a research note on Sunday, September 21st. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $3.71.

Erasca Stock Up 6.4%

The company has a market cap of $703.50 million, a price-to-earnings ratio of -5.51 and a beta of 1.18. The firm has a 50-day simple moving average of $1.67 and a 200 day simple moving average of $1.48.

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

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. BNP Paribas Financial Markets raised its position in shares of Erasca by 58.0% during the 2nd 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 shares of Erasca during the 2nd quarter worth approximately $29,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Erasca during the 1st quarter worth approximately $39,000. Dynamic Technology Lab Private Ltd raised its position in shares of Erasca by 180.8% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 29,177 shares of the company's stock worth $37,000 after purchasing an additional 18,788 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Erasca during the 2nd quarter worth approximately $45,000. Institutional investors 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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