Erasca (NASDAQ:ERAS) Stock Price Up 4.3% - Here's Why

Key Points

• Erasca shares rose 4.3% to $15.01, though trading volume was 94% below the stock’s average daily volume.
• Analysts maintain a generally positive outlook, 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 company reported quarterly EPS of -$0.14, missing the consensus estimate of -$0.11. Institutional investors own 67.78% of Erasca, while the clinical-stage biotech continues developing precision cancer treatments targeting the RAS/MAPK pathway.

Shares of Erasca, Inc. (NASDAQ:ERAS - Get Free Report) traded up 4.3% on Monday. The stock traded as high as $15.25 and last traded at $15.01. Approximately 371,217 shares were traded during trading, a decline of 94% from the average daily volume of 5,827,720 shares. The stock had previously closed at $14.39.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ERAS shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Erasca in a research note on Tuesday, September 8th. HSBC set a $20.00 target price on Erasca in a research note on Tuesday, July 14th. Guggenheim upped their price target on Erasca from $20.00 to $21.00 and gave the stock a "buy" rating in a report on Thursday, August 13th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Erasca in a research report on Tuesday, July 14th. Finally, Morgan Stanley boosted their price objective on Erasca from $12.00 to $21.00 and gave the stock an "equal weight" rating in a research report on Monday, July 20th. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $22.09.

Erasca Stock Performance

The firm has a market cap of $5.28 billion, a price-to-earnings ratio of -15.85 and a beta of 0.61. The business has a fifty day moving average of $15.74 and a two-hundred day moving average of $15.80.

Erasca (NASDAQ:ERAS - Get Free Report) last released its 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). On average, equities research analysts forecast that Erasca, Inc. will post -0.49 earnings per share for the current year.

Institutional Investors Weigh In On Erasca

A number of hedge funds have recently added to or reduced their stakes in the stock. Frazier Life Sciences Management L.P. raised its position in shares of 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 buying an additional 300,000 shares in the last quarter. BlackRock Inc. acquired a new position in shares of Erasca during the second quarter valued at approximately $387,544,000. Vivo Capital LLC increased its stake 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 acquiring an additional 2,878,052 shares during the period. Siren L.L.C. increased its stake 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 acquiring an additional 2,486,997 shares during the period. Finally, ARCH Venture Management LLC bought a new stake in Erasca during the second quarter worth approximately $129,917,324. 67.78% of the stock is currently owned by institutional investors.

Erasca Company Profile

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.

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