Erasca (NASDAQ:ERAS) Trading Down 6.1% – Here’s Why

Shares of Erasca, Inc. (NASDAQ:ERAS) dropped 6.1% during trading on Monday . The company traded as low as $1.76 and last traded at $1.78. Approximately 359,776 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 1,287,955 shares. The stock had previously closed at $1.89.

Analyst Ratings Changes

A number of brokerages have issued reports on ERAS. The Goldman Sachs Group increased their price objective on shares of Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research note on Friday, October 25th. Jefferies Financial Group began coverage on shares of Erasca in a research 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 issued a $6.00 price objective on shares of Erasca in a research note on Wednesday, November 13th. Finally, Bank of America upgraded Erasca from a “neutral” rating to a “buy” rating and set a $5.00 target price for the company in a research note on Tuesday, January 7th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Erasca presently has an average rating of “Buy” and an average target price of $5.70.

Erasca Stock Performance

The firm has a market cap of $499.02 million, a P/E ratio of -2.13 and a beta of 1.17. The company’s 50 day moving average is $2.48 and its 200 day moving average is $2.69.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.06. On average, equities research analysts anticipate that Erasca, Inc. will post -0.73 EPS for the current year.

Institutional Trading of Erasca

A number of hedge funds have recently made changes to their positions in the company. Frazier Life Sciences Management L.P. lifted its holdings in Erasca by 19.6% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company’s stock worth $52,939,000 after buying an additional 3,175,471 shares during the period. State Street Corp raised its position in shares of Erasca by 145.2% during the third quarter. State Street Corp now owns 6,027,620 shares of the company’s stock worth $16,455,000 after acquiring an additional 3,569,440 shares during the last quarter. PFM Health Sciences LP lifted its stake in shares of Erasca by 4.4% in the third quarter. PFM Health Sciences LP now owns 4,876,911 shares of the company’s stock worth $13,314,000 after acquiring an additional 205,137 shares during the period. Geode Capital Management LLC lifted its stake in shares of Erasca by 36.0% in the third quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock worth $12,295,000 after acquiring an additional 1,190,807 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Erasca by 29.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,723,630 shares of the company’s stock valued at $4,706,000 after acquiring an additional 390,209 shares during the last quarter. 67.78% of the stock is owned by institutional investors and hedge funds.

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.