Erasca (NASDAQ:ERAS) Shares Up 5.1% - Still a Buy?

Key Points

• Erasca shares rose 5.1% to about $18.66, with trading volume well below its average. The company has a market capitalization of approximately $6.74 billion.
• Analyst sentiment is generally positive: eight analysts rate the stock Buy, two rate it Hold and one rates it Sell, producing a consensus “Moderate Buy” rating and a $22.09 price target.
• Erasca reported a quarterly loss of $0.14 per share, missing the $0.11 consensus estimate, while institutional investors own 67.78% of the stock and several major funds recently increased their positions.

Shares of Erasca, Inc. (NASDAQ:ERAS - Get Free Report) rose 5.1% on Wednesday . The company traded as high as $19.50 and last traded at $18.6610. Approximately 1,954,898 shares changed hands during trading, a decline of 68% from the average session volume of 6,034,873 shares. The stock had previously closed at $17.76.

Wall Street Analysts Forecast Growth

ERAS has been the subject of several recent research reports. Wolfe Research set a $16.00 price objective on shares of Erasca in a research report on Thursday, June 4th. Mizuho reduced their target price on shares of Erasca from $28.00 to $26.00 and set an "outperform" rating on the stock in a report on Tuesday, May 12th. Morgan Stanley increased their price target on Erasca from $12.00 to $21.00 and gave the company an "equal weight" rating in a report on Monday, July 20th. Weiss Ratings reissued a "sell (d-)" rating on shares of Erasca in a research report on Thursday, June 11th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Erasca in a research note on Tuesday, July 14th. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.09.

Erasca Trading Up 8.5%

The business's 50-day simple moving average is $17.89 and its two-hundred day simple moving average is $15.42. The company has a market capitalization of $6.74 billion, a PE ratio of -20.35 and a beta of 0.66.

Erasca (NASDAQ:ERAS - Get Free Report) last announced its earnings results on Tuesday, August 11th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.03). On average, analysts forecast that Erasca, Inc. will post -0.49 EPS for the current year.

Hedge Funds Weigh In On Erasca

Institutional investors and hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company raised its stake in Erasca by 295.5% during the first quarter. The Manufacturers Life Insurance Company now owns 216,614 shares of the company's stock valued at $3,505,000 after buying an additional 161,845 shares in the last quarter. Handelsbanken Fonder AB acquired a new position in shares of Erasca in the 2nd quarter worth approximately $1,500,000. Bank of America Corp DE increased its holdings in shares of Erasca by 89.6% in the 1st quarter. Bank of America Corp DE now owns 3,055,897 shares of the company's stock valued at $49,444,000 after acquiring an additional 1,444,047 shares during the last quarter. E Fund Management Co. Ltd. bought a new stake in shares of Erasca in the 2nd quarter valued at approximately $4,862,000. Finally, Vivo Capital LLC increased its holdings in shares of Erasca by 31.0% in the 1st quarter. Vivo Capital LLC now owns 12,151,480 shares of the company's stock valued at $196,611,000 after acquiring an additional 2,878,052 shares during the last quarter. 67.78% of the stock is currently owned by hedge funds and other institutional investors.

About Erasca

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca's approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca's pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.

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