Erasca (NASDAQ:ERAS) Stock Price Down 4.1% – Time to Sell?

Shares of Erasca, Inc. (NASDAQ:ERAS) traded down 4.1% during trading on Wednesday . The company traded as low as $16.15 and last traded at $16.08. 768,033 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 6,012,599 shares. The stock had previously closed at $16.76.

Wall Street Analysts Forecast Growth

ERAS has been the subject of a number of research analyst reports. Guggenheim lifted their target price on shares of Erasca from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, August 13th. Jefferies Financial Group reissued a “buy” rating on shares of Erasca in a report on Tuesday, July 14th. HSBC set a $20.00 price objective on Erasca in a report on Tuesday, July 14th. HC Wainwright increased their target price on Erasca from $18.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Finally, Morgan Stanley raised their target price on Erasca from $12.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Monday, July 20th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Erasca currently has an average rating of “Moderate Buy” and an average price target of $22.09.

Erasca Trading Down 5.6%

The company has a market cap of $5.53 billion, a P/E ratio of -16.67 and a beta of 0.64. The business’s 50 day simple moving average is $18.29 and its 200 day simple moving average is $15.64.

Erasca (NASDAQ:ERAS) last posted its quarterly 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). Sell-side analysts anticipate that Erasca, Inc. will post -0.49 EPS for the current year.

Hedge Funds Weigh In On Erasca

A number of hedge funds have recently made changes to their positions in the business. Frazier Life Sciences Management L.P. grew its position in shares of Erasca by 1.2% during the second quarter. Frazier Life Sciences Management L.P. now owns 24,975,188 shares of the company’s stock worth $457,545,000 after purchasing an additional 300,000 shares in the last quarter. BlackRock Inc. purchased a new position in Erasca in the 2nd quarter worth approximately $387,544,000. VR Adviser LLC boosted its stake in Erasca by 10.1% in the 2nd quarter. VR Adviser LLC now owns 17,857,083 shares of the company’s stock worth $22,678,000 after purchasing an additional 1,640,867 shares during the period. Paradigm Biocapital Advisors LP boosted its stake in Erasca by 4.4% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 14,159,095 shares of the company’s stock worth $52,672,000 after purchasing an additional 599,078 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Erasca by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,811,832 shares of the company’s stock valued at $27,930,000 after buying an additional 116,235 shares in the last quarter. Institutional investors own 67.78% of the company’s stock.

Erasca Company Profile

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.