Erasca (NASDAQ:ERAS) Shares Gap Up – Should You Buy?

Erasca, Inc. (NASDAQ:ERAS)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $2.67, but opened at $2.82. Erasca shares last traded at $2.78, with a volume of 304,458 shares traded.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ERAS shares. The Goldman Sachs Group upped their price target on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Friday, October 25th. Bank of America raised shares of 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. 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. Finally, HC Wainwright restated a “buy” rating and issued a $6.00 price objective on shares of Erasca in a research report on Wednesday, November 13th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $5.70.

Erasca Price Performance

The company’s fifty day moving average price is $2.77 and its two-hundred day moving average price is $2.75.

Erasca (NASDAQ:ERAS) last released its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.06. Sell-side analysts expect that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Institutional Trading of Erasca

A number of institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. bought a new position in Erasca in the third quarter valued at $181,000. Barclays PLC boosted its stake in shares of Erasca by 627.5% during the 3rd quarter. Barclays PLC now owns 343,930 shares of the company’s stock worth $939,000 after buying an additional 296,657 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Erasca by 36.0% in the 3rd quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company’s stock valued at $12,295,000 after acquiring an additional 1,190,807 shares in the last quarter. Frazier Life Sciences Management L.P. increased its position 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 acquiring an additional 3,175,471 shares during the last quarter. Finally, State Street Corp raised its holdings in 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 in the last quarter. 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.