Erasca (NASDAQ:ERAS) Stock Price Down 6.8% – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS) shares fell 6.8% during trading on Tuesday . The company traded as low as $3.01 and last traded at $3.01. 1,130,069 shares traded hands during mid-day trading, a decline of 30% from the average session volume of 1,621,717 shares. The stock had previously closed at $3.23.

Wall Street Analyst Weigh In

Several equities analysts have commented on ERAS shares. Jefferies Financial Group assumed coverage on Erasca in a research report on Monday, November 18th. They set a “buy” rating and a $6.00 price objective for the company. The Goldman Sachs Group boosted their price target on Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, HC Wainwright reiterated a “buy” rating and set a $6.00 price objective on shares of Erasca in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $5.90.

Erasca Trading Down 5.4 %

The firm has a 50 day simple moving average of $2.77 and a 200 day simple moving average of $2.70. The firm has a market capitalization of $836.88 million, a PE ratio of -3.77 and a beta of 1.20.

Erasca (NASDAQ:ERAS) last posted its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.06. Research analysts forecast that Erasca, Inc. will post -0.73 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ERAS. Federated Hermes Inc. bought a new position in shares of Erasca in the 2nd quarter worth approximately $31,000. Sei Investments Co. purchased a new position in shares of Erasca during the 2nd quarter worth $39,000. Victory Capital Management Inc. grew its position in shares of Erasca by 82.2% during the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock valued at $51,000 after acquiring an additional 9,689 shares during the period. Creative Planning increased its stake in shares of Erasca by 23.0% in the 3rd quarter. Creative Planning now owns 20,014 shares of the company’s stock worth $55,000 after purchasing an additional 3,737 shares in the last quarter. Finally, Edmonds Duncan Registered Investment Advisors LLC raised its holdings in Erasca by 41.2% in the 2nd quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company’s stock worth $81,000 after purchasing an additional 10,000 shares during the period. Institutional investors own 67.78% of the company’s stock.

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.