Erasca (NASDAQ:ERAS) Stock Crosses Above Two Hundred Day Moving Average - Time to Sell?

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) shares passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $15.14 and traded as high as $15.70. Erasca shares last traded at $15.61, with a volume of 4,701,552 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Erasca in a research report on Tuesday, September 8th. Jefferies Financial Group restated a "buy" rating on shares of Erasca in a research report on Tuesday, July 14th. Guggenheim lifted their price target on Erasca from $20.00 to $21.00 and gave the company a "buy" rating in a research note on Thursday, August 13th. Morgan Stanley upped their price target on Erasca from $12.00 to $21.00 and gave the stock an "equal weight" rating in a report on Monday, July 20th. Finally, HC Wainwright increased their price target on Erasca from $18.00 to $22.00 and gave the stock a "buy" rating in a research report 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.com, Erasca currently has an average rating of "Moderate Buy" and an average target price of $22.09.

Erasca Stock Up 8.3%

The company has a market capitalization of $5.46 billion, a price-to-earnings ratio of -16.43 and a beta of 0.68. The stock's 50-day simple moving average is $15.03 and its two-hundred day simple moving average is $15.14.

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 the consensus estimate of ($0.11) by ($0.03). On average, sell-side analysts forecast that Erasca, Inc. will post -0.49 EPS for the current year.

Institutional Investors Weigh In On Erasca

Several institutional investors have recently bought and sold shares of ERAS. Nykredit A S purchased a new stake in shares of Erasca during the second quarter worth approximately $29,000. Allworth Financial LP purchased a new position in Erasca in the 2nd quarter valued at $34,000. EverSource Wealth Advisors LLC lifted its holdings in Erasca by 77.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company's stock valued at $69,000 after purchasing an additional 1,859 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in Erasca during the 2nd quarter worth $80,000. Finally, KBC Group NV acquired a new stake in Erasca during the 1st quarter worth $81,000. 67.78% of the stock is currently owned by institutional investors and hedge funds.

Erasca Company Profile

Erasca, Inc is a clinical-stage biotechnology company focused on developing medicines for cancer. Its research centers on the RAS/MAPK signaling pathway, which is involved in the growth of many tumors and can be difficult to target with existing therapies.

The company's pipeline includes investigational drug candidates designed to inhibit RAS proteins and other targets in the pathway. Erasca evaluates these candidates for potential use across multiple cancer types; its medicines remain in development rather than being marketed as approved treatments.

Founded in 2018 and headquartered in San Diego, California, Erasca conducts drug discovery and clinical development to advance its oncology programs.

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