Erasca (NASDAQ:ERAS) Share Price Breaks Above 200 Day Moving Average - Here's What Happened

Key Points

• Erasca shares rose 4.2%, trading above their 200-day moving average of $14.80 and reaching an intraday high of $15.47 on volume of 6.47 million shares.
• Analysts maintain a generally positive outlook, with eight Buy ratings, two Holds and one Sell; the stock has a “Moderate Buy” consensus rating and an average price target of $22.09.
• Erasca reported quarterly EPS of negative $0.14, missing the consensus estimate of negative $0.11. Institutional investors own 67.78% of the company’s shares.

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $14.80 and traded as high as $15.47. Erasca shares last traded at $14.99, with a volume of 6,466,116 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Bank of America lifted their price objective on Erasca from $18.00 to $20.00 and gave the stock a "neutral" rating in a research report on Friday, August 14th. HSBC set a $20.00 price objective on shares of Erasca in a report on Tuesday, July 14th. Jefferies Financial Group restated a "buy" rating on shares of Erasca in a report on Tuesday, July 14th. Morgan Stanley lifted their target price on shares of Erasca from $12.00 to $21.00 and gave the company an "equal weight" rating in a research note on Monday, July 20th. Finally, HC Wainwright lifted their target price on shares of Erasca from $18.00 to $22.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Erasca has an average rating of "Moderate Buy" and an average price target of $22.09.

Erasca Stock Up 4.2%

The company has a market capitalization of $5.24 billion, a P/E ratio of -15.78 and a beta of 0.61. The company has a 50-day moving average of $15.72 and a two-hundred day moving average of $14.80.

Erasca (NASDAQ:ERAS - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.03). As a group, equities analysts expect that Erasca, Inc. will post -0.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Erasca

Hedge funds have recently bought and sold shares of the business. Nykredit A S bought a new stake in shares of Erasca in the 2nd quarter worth approximately $29,000. Allworth Financial LP bought a new position in Erasca during the 2nd quarter valued at approximately $34,000. EverSource Wealth Advisors LLC increased its position in Erasca by 77.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company's stock valued at $69,000 after buying an additional 1,859 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in Erasca during the 2nd quarter valued at approximately $80,000. Finally, KBC Group NV purchased a new position in Erasca during the first quarter valued at $81,000. Institutional investors own 67.78% of the company's stock.

About Erasca

Erasca, Inc NASDAQ: ERAS is a clinical-stage biopharmaceutical company focused on developing precision medicines for patients with RAS/MAPK pathway-driven cancers. The company's research and development programs are designed to target molecular alterations that contribute to tumor growth and treatment resistance, including mutations involving the RAS family of proteins and related signaling pathways.

Erasca's pipeline has included small-molecule oncology candidates such as naporafenib, a pan-RAF inhibitor being studied in cancers with aberrant RAS/MAPK signaling, as well as additional investigational therapies intended to address difficult-to-treat oncogenic drivers.

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