Erasca (NASDAQ:ERAS) Shares Gap Down – Time to Sell?

Erasca, Inc. (NASDAQ:ERAS)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $5.17, but opened at $4.35. Erasca shares last traded at $5.0050, with a volume of 2,160,536 shares changing hands.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Morgan Stanley set a $4.00 price target on Erasca in a research note on Thursday. Guggenheim boosted their price objective on Erasca from $3.00 to $5.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Stifel Nicolaus set a $6.00 target price on shares of Erasca in a research note on Thursday, November 6th. Piper Sandler initiated coverage on shares of Erasca in a research note on Wednesday. They set an “overweight” rating and a $5.00 price target for the company. Finally, Mizuho raised their price objective on shares of Erasca from $4.00 to $5.00 and gave the company an “outperform” rating in a research note on Tuesday, December 9th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $4.44.

Erasca Trading Up 4.2%

The company has a 50 day moving average of $3.12 and a 200 day moving average of $2.23. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of -11.93 and a beta of 1.15.

Erasca (NASDAQ:ERAS) last posted its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.11). Equities analysts forecast that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ERAS. BNP Paribas Financial Markets increased its position in shares of Erasca by 58.0% during the second quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock worth $27,000 after acquiring an additional 7,923 shares in the last quarter. EP Wealth Advisors LLC acquired a new position in Erasca in the 2nd quarter worth $29,000. Russell Investments Group Ltd. bought a new position in Erasca during the 3rd quarter worth about $31,000. SG Americas Securities LLC acquired a new stake in shares of Erasca in the 3rd quarter valued at about $32,000. Finally, Crowley Wealth Management Inc. acquired a new stake in shares of Erasca in the 3rd quarter valued at about $33,000. Institutional investors own 67.78% of the company’s stock.

About Erasca

Erasca, Inc is a clinical?stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene?driven and immuno?oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.