Erasca (NASDAQ:ERAS) Stock Falls 5.8% - What's Next?

Key Points

• Erasca shares fell 5.8% to about $14.01 in mid-day trading, with volume plunging 96% below the average daily level.
• Analysts remain broadly positive, with eight Buy ratings, two Holds and one Sell; the consensus rating is “Moderate Buy” with a $22.09 price target.
• The clinical-stage biotechnology company missed quarterly EPS estimates, reporting a loss of $0.14 per share versus the expected $0.11 loss, while institutional investors own 67.78% of its stock.

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) was down 5.8% during mid-day trading on Friday. The stock traded as low as $13.86 and last traded at $14.0050. Approximately 228,699 shares changed hands during trading, a decline of 96% from the average daily volume of 5,876,580 shares. The stock had previously closed at $14.87.

Wall Street Analyst Weigh In

ERAS has been the topic of several research analyst reports. Jefferies Financial Group reissued a "buy" rating on shares of Erasca in a research note on Tuesday, July 14th. 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. Weiss Ratings reissued a "sell (d-)" rating on shares of Erasca in a research note on Tuesday, September 8th. Guggenheim lifted their price target on Erasca from $20.00 to $21.00 and gave the company a "buy" rating in a report on Thursday, August 13th. Finally, HC Wainwright increased their target price on shares of 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 assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $22.09.

Erasca Stock Down 8.0%

The firm has a market capitalization of $4.78 billion, a PE ratio of -14.39 and a beta of 0.61. The firm's 50 day moving average price is $16.25 and its two-hundred day moving average price is $15.91.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Wealthcare Advisory Partners LLC lifted its holdings in Erasca by 5.0% in the second quarter. Wealthcare Advisory Partners LLC now owns 15,924 shares of the company's stock worth $292,000 after purchasing an additional 756 shares during the period. Abel Hall LLC grew its position in Erasca by 8.1% in the 1st quarter. Abel Hall LLC now owns 16,947 shares of the company's stock valued at $274,000 after buying an additional 1,265 shares in the last quarter. Nykredit A S bought a new position in Erasca in the 2nd quarter valued at about $29,000. Allworth Financial LP bought a new position in Erasca in the 2nd quarter valued at about $34,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Erasca by 77.8% during the first quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company's stock valued at $69,000 after acquiring an additional 1,859 shares during the period. Hedge funds and other institutional investors own 67.78% of the company's stock.

About Erasca

Erasca, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for cancers driven by abnormal signaling in the RAS/MAPK pathway. The company's research and development activities target tumors with RAS mutations or other alterations that can promote cancer growth and resistance to treatment.

Erasca's pipeline has included naporafenib, an investigational pan-RAF inhibitor designed to block signaling downstream of RAF proteins, as well as other targeted therapies aimed at genetically defined cancer populations.

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