Erasca (NASDAQ:ERAS) Reaches New 1-Year Low – What’s Next?

Erasca, Inc. (NASDAQ:ERAS)’s share price reached a new 52-week low during trading on Friday . The stock traded as low as $1.66 and last traded at $1.67, with a volume of 1625782 shares trading hands. The stock had previously closed at $1.83.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Jefferies Financial Group began coverage on Erasca in a report on Monday, November 18th. They set a “buy” rating and a $6.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $6.00 target price on shares of Erasca in a report on Wednesday, November 13th. The Goldman Sachs Group upped their price target 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. Finally, Bank of America upgraded shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price target on the stock in a report on Tuesday, January 7th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $5.70.

Erasca Trading Down 8.7 %

The business’s 50-day simple moving average is $2.39 and its two-hundred day simple moving average is $2.66.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data 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. Equities research analysts forecast that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ERAS. State Street Corp boosted its position in shares of Erasca by 145.2% during the 3rd quarter. State Street Corp now owns 6,027,620 shares of the company’s stock valued at $16,455,000 after purchasing an additional 3,569,440 shares in the last quarter. Frazier Life Sciences Management L.P. increased its holdings in 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 worth $52,939,000 after purchasing an additional 3,175,471 shares in the last quarter. Geode Capital Management LLC lifted its stake in Erasca by 36.0% in the third 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 during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Erasca by 29.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,723,630 shares of the company’s stock worth $4,706,000 after buying an additional 390,209 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Erasca during the 3rd quarter worth approximately $994,000. 67.78% of the stock is owned by institutional investors.

About Erasca

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.