Erasca (NASDAQ:ERAS) Shares Gap Up – Time to Buy?

Erasca, Inc. (NASDAQ:ERAS) gapped up before the market opened on Monday . The stock had previously closed at $17.63, but opened at $18.41. Erasca shares last traded at $17.1180, with a volume of 245,659 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wolfe Research set a $16.00 price objective on shares of Erasca in a research note on Thursday, June 4th. HSBC set a $20.00 target price on shares of Erasca in a research report on Tuesday, July 14th. 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 report on Monday, July 20th. Guggenheim increased their price target on Erasca from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, August 13th. Finally, Mizuho reduced their price objective on Erasca from $28.00 to $26.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. Eight 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 stock. According to data from MarketBeat.com, Erasca currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.09.

Erasca Stock Performance

The firm has a market cap of $6.21 billion, a price-to-earnings ratio of -18.69 and a beta of 0.66. The business’s 50 day moving average price is $17.89 and its 200 day moving average price is $15.42.

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

Institutional Investors Weigh In On Erasca

Hedge funds have recently modified their holdings of the company. BNP Paribas Financial Markets increased its stake in shares of Erasca by 58.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock valued at $27,000 after purchasing an additional 7,923 shares in the last quarter. Nykredit A S purchased a new position in Erasca during the second quarter worth approximately $29,000. EP Wealth Advisors LLC purchased a new position in Erasca during the second quarter worth approximately $29,000. Russell Investments Group Ltd. acquired a new stake in Erasca in the third quarter valued at approximately $31,000. Finally, Allworth Financial LP acquired a new stake in Erasca in the second quarter valued at approximately $34,000. 67.78% of the stock is owned by hedge funds and other institutional investors.

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.