Erasca (NASDAQ:ERAS) Shares Up 6.6% – Still a Buy?

Erasca, Inc. (NASDAQ:ERAS) traded up 6.6% during trading on Friday . The stock traded as high as $1.97 and last traded at $2.01. 459,262 shares traded hands during trading, a decline of 64% from the average session volume of 1,287,352 shares. The stock had previously closed at $1.88.

Analyst Upgrades and Downgrades

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

Erasca Price Performance

The stock has a market cap of $534.36 million, a price-to-earnings ratio of -2.28 and a beta of 1.21. The stock’s 50-day moving average is $2.48 and its 200-day moving average is $2.69.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.06. Analysts predict that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Erasca

A number of large investors have recently bought and sold shares of ERAS. New York State Common Retirement Fund grew its position in Erasca by 42.4% in the 4th quarter. New York State Common Retirement Fund now owns 26,859 shares of the company’s stock worth $67,000 after purchasing an additional 8,000 shares during the last quarter. Rhumbline Advisers grew its holdings in Erasca by 5.4% in the 4th quarter. Rhumbline Advisers now owns 223,888 shares of the company’s stock worth $562,000 after buying an additional 11,400 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its position in Erasca by 10.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 59,949 shares of the company’s stock valued at $150,000 after acquiring an additional 5,614 shares during the period. SG Americas Securities LLC raised its stake in Erasca by 19.4% during the 4th quarter. SG Americas Securities LLC now owns 77,545 shares of the company’s stock valued at $195,000 after acquiring an additional 12,599 shares in the last quarter. Finally, Franklin Resources Inc. bought a new stake in shares of Erasca during the third quarter valued at about $181,000. Institutional investors own 67.78% of the company’s stock.

Erasca Company Profile

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.