Erasca (NASDAQ:ERAS) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS) shares passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $14.80 and traded as high as $15.47. Erasca shares last traded at $14.99, with a volume of 6,466,116 shares traded.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ERAS. Morgan Stanley upped their price target on shares of Erasca from $12.00 to $21.00 and gave the company an “equal weight” rating in a research note on Monday, July 20th. Jefferies Financial Group reissued a “buy” rating on shares of Erasca in a research note on Tuesday, July 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Erasca in a report on Tuesday, September 8th. HC Wainwright upped their target price on shares of Erasca from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Finally, Bank of America upped their target price on shares of Erasca from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Friday, August 14th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $22.09.

Erasca Stock Down 0.7%

The firm’s 50 day simple moving average is $15.66 and its 200 day simple moving average is $14.85. The company has a market capitalization of $5.29 billion, a PE ratio of -15.92 and a beta of 0.61.

Erasca (NASDAQ:ERAS) last announced its earnings results on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.03). As a group, sell-side analysts predict that Erasca, Inc. will post -0.49 EPS for the current fiscal year.

Institutional Trading of Erasca

A number of large investors have recently made changes to their positions in ERAS. The Manufacturers Life Insurance Company boosted its position in Erasca by 295.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 216,614 shares of the company’s stock valued at $3,505,000 after buying an additional 161,845 shares during the period. AXQ Capital LP purchased a new position in Erasca during the 2nd quarter worth $1,162,000. Bank of America Corp DE bought a new stake in shares of Erasca in the second quarter valued at about $55,853,000. BlackRock Inc. bought a new stake in shares of Erasca in the 2nd quarter valued at about $387,544,000. Finally, Handelsbanken Fonder AB purchased a new stake in Erasca during the second quarter worth $1,500,000. 67.78% of the stock is owned by hedge funds and other institutional investors.

Erasca Company Profile

Erasca, Inc (NASDAQ: ERAS) is a clinical-stage biopharmaceutical company focused on developing precision medicines for patients with RAS/MAPK pathway-driven cancers. The company’s research and development programs are designed to target molecular alterations that contribute to tumor growth and treatment resistance, including mutations involving the RAS family of proteins and related signaling pathways.

Erasca’s pipeline has included small-molecule oncology candidates such as naporafenib, a pan-RAF inhibitor being studied in cancers with aberrant RAS/MAPK signaling, as well as additional investigational therapies intended to address difficult-to-treat oncogenic drivers.