Erasca (NASDAQ:ERAS) Shares Gap Up – What’s Next?

Erasca, Inc. (NASDAQ:ERAS)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $2.67, but opened at $2.94. Erasca shares last traded at $2.68, with a volume of 112,739 shares.

Analysts Set New Price Targets

A number of research analysts have recently commented on ERAS shares. HC Wainwright reiterated a “buy” rating and set a $6.00 target price on shares of Erasca in a research report on Wednesday, November 13th. Jefferies Financial Group initiated coverage on shares of Erasca in a research note on Monday. They issued a “buy” rating and a $6.00 price objective for the company. Finally, The Goldman Sachs Group upped their target price on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Friday, October 25th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $6.08.

Erasca Stock Performance

The company has a market capitalization of $763.37 million, a P/E ratio of -3.59 and a beta of 1.16. The firm’s fifty day moving average is $2.78 and its 200 day moving average is $2.62.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.06. On average, analysts forecast that Erasca, Inc. will post -0.82 EPS for the current year.

Institutional Trading of Erasca

Several institutional investors and hedge funds have recently made changes to their positions in ERAS. Geode Capital Management LLC lifted its holdings in Erasca by 36.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock valued at $12,295,000 after buying an additional 1,190,807 shares in the last quarter. Frazier Life Sciences Management L.P. boosted its holdings in shares of Erasca by 19.6% in the third quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock valued at $52,939,000 after purchasing an additional 3,175,471 shares during the period. Barclays PLC boosted its holdings in shares of Erasca by 627.5% in the third quarter. Barclays PLC now owns 343,930 shares of the company’s stock valued at $939,000 after purchasing an additional 296,657 shares during the period. State Street Corp grew its stake in Erasca by 145.2% in the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock worth $16,455,000 after purchasing an additional 3,569,440 shares in the last quarter. Finally, PFM Health Sciences LP raised its position in Erasca by 4.4% during the 3rd quarter. PFM Health Sciences LP now owns 4,876,911 shares of the company’s stock valued at $13,314,000 after purchasing an additional 205,137 shares in the last quarter. 67.78% of the stock is currently owned by institutional investors.

Erasca Company Profile

Erasca, Inc, a clinical-stage precision oncology company, focuses on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. The company’s lead product is naporafenib which is in phase 1b trial for patients with RAS Q16X solid tumors and plans to initiate a pivotal Phase 3 trial for patients with NRASm melanoma.