Erasca (NASDAQ:ERAS) Shares Up 7.1% - Still a Buy?

Key Points

• Erasca shares rose 7.1% to approximately $14.93 in mid-day trading, although trading volume was 43% below the average session volume.
• Analysts maintain a “Moderate Buy” consensus, with eight Buy, two Hold, and one Sell rating and an average price target of $22.09—well above the trading price.
• The company reported a quarterly loss of $0.14 per share, missing estimates by $0.03; institutional investors own approximately 67.78% of Erasca.

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) shares were up 7.1% during mid-day trading on Thursday . The stock traded as high as $14.60 and last traded at $14.9320. 3,407,962 shares were traded during trading, a decline of 43% from the average session volume of 5,933,491 shares. The stock had previously closed at $13.94.

Analyst Upgrades and Downgrades

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

Erasca Price Performance

The business has a fifty day moving average of $17.52 and a 200 day moving average of $15.91. The stock has a market cap of $5.15 billion, a PE ratio of -15.47 and a beta of 0.64.

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, equities research analysts expect that Erasca, Inc. will post -0.49 EPS for the current year.

Institutional Investors Weigh In On Erasca

Hedge funds and other institutional investors have recently modified their holdings of the stock. Engineers Gate Manager LP bought a new stake in Erasca in the second quarter valued at about $1,601,000. Integrated Wealth Concepts LLC bought a new position in Erasca during the 2nd quarter worth approximately $80,000. Squarepoint Ops LLC grew its position in shares of Erasca by 42.8% in the 2nd quarter. Squarepoint Ops LLC now owns 135,233 shares of the company's stock worth $2,477,000 after acquiring an additional 40,548 shares in the last quarter. Nykredit A S acquired a new position in shares of Erasca in the 2nd quarter worth approximately $29,000. Finally, Corient Private Wealth LP bought a new stake in shares of Erasca in the 2nd quarter valued at approximately $2,150,000. Institutional investors own 67.78% of the company's stock.

Erasca Company Profile

Erasca, Inc is a clinical-stage biotechnology company focused on developing treatments for cancers driven by abnormalities in the RAS/MAPK signaling pathway. The company's research and development strategy is centered on precision oncology, with the goal of addressing cancers that have historically been difficult to treat because of mutations in RAS and related proteins.

Erasca's lead investigational program is daraxonrasib, also known as RMC-6236, an oral RAS(ON) multi-selective inhibitor designed to target active RAS proteins.

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