Erasca (NASDAQ:ERAS) Shares Climb 5.8% – Time to Buy?

Shares of Erasca, Inc. (NASDAQ:ERAS) traded up 5.8% during trading on Thursday. The company traded as high as $14.96 and last traded at $14.9440. 2,427,053 shares traded hands during trading, a decline of 59% from the average daily volume of 5,861,428 shares. The stock had previously closed at $14.12.

Analysts Set New Price Targets

A number of analysts recently weighed in on ERAS shares. Jefferies Financial Group reissued a “buy” rating on shares of Erasca in a research report on Tuesday, July 14th. Bank of America upped their target price on Erasca from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Friday, August 14th. Guggenheim boosted their price objective on Erasca from $20.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, August 13th. HSBC set a $20.00 price objective on Erasca in a research report on Tuesday, July 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a research report on Tuesday, September 8th. Eight equities research 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. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $22.09.

Erasca Stock Up 3.7%

The firm has a 50 day moving average price of $16.51 and a 200 day moving average price of $15.90. The stock has a market cap of $5.61 billion, a PE ratio of -16.87 and a beta of 0.61.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.03). Equities analysts forecast that Erasca, Inc. will post -0.49 earnings per share for the current year.

Hedge Funds Weigh In On Erasca

Large investors have recently bought and sold shares of the business. Nykredit A S purchased a new stake in Erasca during the second quarter worth $29,000. Allworth Financial LP purchased a new stake in shares of Erasca during the 2nd quarter worth $34,000. EverSource Wealth Advisors LLC boosted its position in Erasca by 77.8% during the first quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company’s stock valued at $69,000 after purchasing an additional 1,859 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in Erasca in the second quarter valued at about $80,000. Finally, KBC Group NV purchased a new position in Erasca in the first quarter valued at about $81,000. Institutional investors own 67.78% of the company’s stock.

About Erasca

Erasca, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for cancers driven by abnormal signaling in the RAS/MAPK pathway. The company’s research and development activities target tumors with RAS mutations or other alterations that can promote cancer growth and resistance to treatment.

Erasca’s pipeline has included naporafenib, an investigational pan-RAF inhibitor designed to block signaling downstream of RAF proteins, as well as other targeted therapies aimed at genetically defined cancer populations.