Erasca (NASDAQ:ERAS) Stock Jumps 6.2% - Here's What Happened

Key Points

• Erasca shares rose 6.2% to approximately $14.46, though trading volume was 97% below the average daily level.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and an average price target of $22.09; eight analysts rate the stock Buy, compared with two Holds and one Sell.
• The clinical-stage biotechnology company missed quarterly EPS expectations, reporting a loss of $0.14 per share versus the anticipated $0.11 loss. Institutional investors own approximately 67.8% of Erasca’s stock.

Shares of Erasca, Inc. (NASDAQ:ERAS - Get Free Report) traded up 6.2% during trading on Tuesday. The company traded as high as $13.90 and last traded at $14.4620. 162,116 shares changed hands during trading, a decline of 97% from the average daily volume of 5,874,585 shares. The stock had previously closed at $13.62.

Wall Street Analysts Forecast Growth

ERAS has been the topic of a number of research 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 target on shares of Erasca from $18.00 to $20.00 and gave the stock a "neutral" rating in a research note on Friday, August 14th. Guggenheim boosted their price objective on Erasca from $20.00 to $21.00 and gave the company a "buy" rating in a report on Thursday, August 13th. Morgan Stanley increased their target price on shares of 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 lifted their price target on shares of Erasca from $18.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Eight research 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. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.09.

Erasca Stock Performance

The firm has a market cap of $5.13 billion, a P/E ratio of -15.47 and a beta of 0.61. The firm has a fifty day moving average of $16.06 and a 200-day moving average of $15.88.

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). Equities research analysts expect that Erasca, Inc. will post -0.49 earnings per share for the current year.

Hedge Funds Weigh In On Erasca

Several institutional investors have recently modified their holdings of the company. Frazier Life Sciences Management L.P. boosted its position in Erasca by 1.2% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 24,975,188 shares of the company's stock worth $457,545,000 after acquiring an additional 300,000 shares during the period. BlackRock Inc. bought a new position in shares of Erasca in the second quarter worth $387,544,000. Vivo Capital LLC increased its holdings in shares of Erasca by 31.0% during the first quarter. Vivo Capital LLC now owns 12,151,480 shares of the company's stock valued at $196,611,000 after purchasing an additional 2,878,052 shares during the period. Siren L.L.C. increased its holdings in shares of Erasca by 28.4% during the first quarter. Siren L.L.C. now owns 11,244,246 shares of the company's stock valued at $181,932,000 after purchasing an additional 2,486,997 shares during the period. Finally, ARCH Venture Management LLC acquired a new position in shares of Erasca during the second quarter valued at $129,917,324. Institutional investors own 67.78% of the company's stock.

About Erasca

Erasca, Inc NASDAQ: ERAS is a clinical-stage biopharmaceutical company focused on developing precision medicines for patients with RAS/MAPK pathway-driven cancers. The company's research and development programs are designed to target molecular alterations that contribute to tumor growth and treatment resistance, including mutations involving the RAS family of proteins and related signaling pathways.

Erasca's pipeline has included small-molecule oncology candidates such as naporafenib, a pan-RAF inhibitor being studied in cancers with aberrant RAS/MAPK signaling, as well as additional investigational therapies intended to address difficult-to-treat oncogenic drivers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.