Erasca (NASDAQ:ERAS) Trading 5.1% Higher – Should You Buy?

Erasca, Inc. (NASDAQ:ERAS) was up 5.1% during mid-day trading on Wednesday . The company traded as high as $19.50 and last traded at $18.6610. Approximately 1,954,898 shares changed hands during trading, a decline of 68% from the average session volume of 6,034,873 shares. The stock had previously closed at $17.76.

Analysts Set New Price Targets

A number of brokerages recently commented on ERAS. Wall Street Zen downgraded shares of Erasca from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research report on Thursday, June 11th. HC Wainwright lifted their price target on Erasca from $18.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Morgan Stanley lifted their price target on Erasca from $12.00 to $21.00 and gave the company an “equal weight” rating in a report on Monday, July 20th. Finally, Bank of America upped their price objective on Erasca from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, August 14th. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.09.

Erasca Trading Up 1.8%

The stock has a market cap of $6.82 billion, a PE ratio of -20.52 and a beta of 0.66. The business’s 50-day moving average price is $18.11 and its 200-day moving average price is $15.52.

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

Institutional Trading of Erasca

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