Erasca (NASDAQ:ERAS) Stock Price Down 8.6% - Here's Why

Key Points

• Erasca shares fell 8.6% to $14.22 in mid-day trading, with volume down 76% from the average session.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $22.09; eight analysts rate the stock Buy, two Hold, and one Sell.
• The company missed quarterly earnings expectations, reporting a loss of $0.14 per share versus the estimated $0.11 loss. Institutional investors and hedge funds own 67.78% of the stock, including recent new positions from BlackRock and ARCH Venture Management.

Shares of Erasca, Inc. (NASDAQ:ERAS - Get Free Report) were down 8.6% on Wednesday . The company traded as low as $14.31 and last traded at $14.22. Approximately 1,413,803 shares were traded during mid-day trading, a decline of 76% from the average session volume of 5,931,529 shares. The stock had previously closed at $15.55.

Analyst Ratings Changes

A number of analysts have commented on ERAS shares. Wolfe Research set a $16.00 price objective on shares of Erasca in a report on Thursday, June 4th. Morgan Stanley upped their price target on Erasca from $12.00 to $21.00 and gave the company an "equal weight" rating in a research report on Monday, July 20th. HC Wainwright increased their price target on Erasca from $18.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Bank of America increased their price target on Erasca from $18.00 to $20.00 and gave the company a "neutral" rating in a report on Friday, August 14th. Finally, HSBC set a $20.00 price objective on Erasca in a research note on Tuesday, July 14th. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $22.09.

Erasca Trading Down 9.3%

The stock has a market capitalization of $4.93 billion, a PE ratio of -14.84 and a beta of 0.64. The firm's fifty day moving average is $17.66 and its 200-day moving average is $15.92.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Erasca during the second quarter worth about $387,544,000. ARCH Venture Management LLC acquired a new position in shares of Erasca in the second quarter valued at approximately $129,917,324. Spruce Street Capital LP purchased a new stake in Erasca during the 4th quarter worth approximately $14,469,000. Janus Henderson Group PLC purchased a new stake in Erasca during the 1st quarter worth approximately $59,988,000. Finally, Commodore Capital LP acquired a new stake in Erasca during the 1st quarter worth approximately $51,372,000. 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 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.

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.