Erasca (NASDAQ:ERAS) Stock Price Up 8.7% - Here's Why

Key Points

• Erasca, Inc. shares increased by 8.7% to $1.82, despite a significant decline in trading volume, indicating potential market interest.
• Analysts have mixed ratings for Erasca, with a "Moderate Buy" consensus and target prices ranging from $1.00 to $2.00.
• Institutional investors own 67.78% of Erasca's stock, with several hedge funds recently increasing their stakes in the company.

Erasca, Inc. (NASDAQ:ERAS - Get Free Report)'s share price traded up 8.7% during trading on Thursday . The stock traded as high as $1.79 and last traded at $1.82. 357,659 shares were traded during mid-day trading, a decline of 73% from the average session volume of 1,340,372 shares. The stock had previously closed at $1.67.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Bank of America reaffirmed an "underperform" rating and issued a $1.00 target price (down previously from $4.00) on shares of Erasca in a research 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 reaffirmed an "equal weight" rating and issued a $2.00 target price (down previously 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 given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Erasca currently has a consensus rating of "Moderate Buy" and an average price target of $3.71.

Erasca Stock Performance

The stock has a fifty day simple moving average of $1.56 and a two-hundred day simple moving average of $1.44. The stock has a market cap of $504.93 million, a price-to-earnings ratio of -3.96 and a beta of 1.08.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Mackenzie Financial Corp bought a new position in shares of Erasca in the 4th quarter valued at $28,000. BNP Paribas Financial Markets lifted its stake in shares of Erasca by 58.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company's stock valued at $27,000 after acquiring an additional 7,923 shares during the last quarter. EP Wealth Advisors LLC bought a new position in shares of Erasca in the 2nd quarter valued at $29,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of Erasca in the 1st quarter valued at $39,000. Finally, Dynamic Technology Lab Private Ltd lifted its stake in shares of Erasca by 180.8% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 29,177 shares of the company's stock valued at $37,000 after acquiring an additional 18,788 shares during the last quarter. 67.78% of the stock is currently owned by institutional investors.

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.