Erasca (NASDAQ:ERAS) Shares Climb 6.2% – Here’s Why

Erasca, Inc. (NASDAQ:ERAS)’s share price rose 6.2% during trading on Tuesday. The company traded as high as $13.90 and last traded at $14.4620. 162,116 shares changed hands during trading, a decline of 97% from the average daily volume of 5,874,585 shares. The stock had previously closed at $13.62.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Jefferies Financial Group restated a “buy” rating on shares of Erasca in a research report on Tuesday, July 14th. HC Wainwright lifted their price target on Erasca from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Bank of America boosted their price target on Erasca from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Friday, August 14th. Guggenheim increased their price objective on Erasca from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, August 13th. Finally, HSBC set a $20.00 price objective on Erasca in a research note on Tuesday, July 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.09.

Erasca Stock Performance

The company has a market cap of $5.08 billion, a PE ratio of -15.27 and a beta of 0.61. The firm’s 50 day moving average is $15.90 and its 200-day moving average is $15.84.

Erasca (NASDAQ:ERAS) last released its earnings results 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). On average, analysts predict that Erasca, Inc. will post -0.49 EPS for the current year.

Institutional Investors Weigh In On Erasca

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Nykredit A S purchased a new position in Erasca during the second quarter worth approximately $29,000. Allworth Financial LP purchased a new stake in Erasca in the 2nd quarter valued at $34,000. EverSource Wealth Advisors LLC grew its holdings in Erasca by 77.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company’s stock valued at $69,000 after buying an additional 1,859 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Erasca in the 2nd quarter valued at $80,000. Finally, KBC Group NV acquired a new stake in shares of Erasca in the 1st quarter worth $81,000. Institutional investors and hedge funds own 67.78% of the company’s stock.

About Erasca

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.