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

Shares of Erasca, Inc. (NASDAQ:ERAS - Get Free Report) were up 5.8% during mid-day trading on Thursday. The stock traded as high as $14.96 and last traded at $14.9440. Approximately 2,427,053 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 5,861,428 shares. The stock had previously closed at $14.12.

Wall Street Analyst Weigh In

ERAS has been the topic of several analyst reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Erasca in a report on Tuesday, September 8th. 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 report on Monday, July 20th. HC Wainwright boosted 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. Jefferies Financial Group reissued a "buy" rating on shares of Erasca in a report on Tuesday, July 14th. Finally, Bank of America lifted their price objective on shares of Erasca from $18.00 to $20.00 and gave the company a "neutral" rating in a report on Friday, August 14th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $22.09.

Erasca Trading Up 5.8%

The business has a 50-day moving average price of $16.62 and a 200-day moving average price of $15.90. The stock has a market cap of $5.23 billion, a PE ratio of -15.73 and a beta of 0.61.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company grew its stake in Erasca by 295.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 216,614 shares of the company's stock valued at $3,505,000 after acquiring an additional 161,845 shares in the last quarter. Bank of America Corp DE acquired a new position in shares of Erasca during the 2nd quarter worth approximately $55,853,000. AXQ Capital LP purchased a new stake in shares of Erasca in the second quarter valued at approximately $1,162,000. Handelsbanken Fonder AB purchased a new stake in shares of Erasca in the second quarter valued at approximately $1,500,000. Finally, BlackRock Inc. acquired a new stake in shares of Erasca in the second quarter valued at approximately $387,544,000. 67.78% of the stock is owned by hedge funds and other institutional investors.

Erasca Company Profile

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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