Erasca (NASDAQ:ERAS) Trading Down 6.2% – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS)’s share price fell 6.2% during mid-day trading on Thursday . The company traded as low as $1.78 and last traded at $1.80. 273,666 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 1,332,409 shares. The stock had previously closed at $1.92.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price objective on shares of Erasca in a research note on Wednesday, November 13th. The Goldman Sachs Group raised their target price on shares of Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research note on Friday, October 25th. Bank of America raised shares of Erasca from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a research note on Tuesday, January 7th. Finally, Jefferies Financial Group started coverage on shares of Erasca in a research report on Monday, November 18th. They set a “buy” rating and a $6.00 price objective on the stock. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $5.70.

Erasca Trading Down 0.5 %

The business has a fifty day moving average of $2.66 and a 200-day moving average of $2.74. The company has a market cap of $523.05 million, a PE ratio of -2.23 and a beta of 1.21.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.06. As a group, research analysts predict that Erasca, Inc. will post -0.73 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its holdings in Erasca by 50.6% in the second quarter. Bank of New York Mellon Corp now owns 392,490 shares of the company’s stock worth $926,000 after purchasing an additional 131,829 shares in the last quarter. Rhumbline Advisers grew its holdings in Erasca by 27.2% in the second quarter. Rhumbline Advisers now owns 154,615 shares of the company’s stock worth $365,000 after purchasing an additional 33,106 shares during the period. Victory Capital Management Inc. boosted its position in shares of Erasca by 82.2% in the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock worth $51,000 after purchasing an additional 9,689 shares in the last quarter. American Century Companies Inc. increased its position in Erasca by 58.1% during the 2nd quarter. American Century Companies Inc. now owns 130,407 shares of the company’s stock valued at $308,000 after buying an additional 47,917 shares in the last quarter. Finally, Federated Hermes Inc. purchased a new position in Erasca during the second quarter valued at $31,000. Hedge funds and other institutional investors own 67.78% of the company’s stock.

About Erasca

Erasca, Inc, a clinical-stage precision oncology company, focuses on discovering, developing, and commercializing therapies for patients with RAS/MAPK pathway-driven cancers. The company’s lead product is naporafenib which is in phase 1b trial for patients with RAS Q16X solid tumors and plans to initiate a pivotal Phase 3 trial for patients with NRASm melanoma.