Erasca (NASDAQ:ERAS) Stock Falls 8.6% – Time to Sell?

Erasca, Inc. (NASDAQ:ERAS)’s stock price was down 8.6% on Wednesday. The stock traded as low as $14.31 and last traded at $14.22. Approximately 1,413,803 shares traded hands during trading, a decline of 76% from the average daily volume of 5,931,529 shares. The stock had previously closed at $15.55.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on ERAS shares. Morgan Stanley raised their price objective on shares of Erasca from $12.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Monday, July 20th. HSBC set a $20.00 price target on shares of Erasca in a research note on Tuesday, July 14th. HC Wainwright raised their target price on shares of Erasca from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Wolfe Research set a $16.00 price objective on Erasca in a research report on Thursday, June 4th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a research note on Tuesday, September 8th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.09.

Erasca Stock Performance

The stock’s fifty day simple moving average is $17.43 and its two-hundred day simple moving average is $15.91. The company has a market cap of $5.08 billion, a price-to-earnings ratio of -15.28 and a beta of 0.64.

Erasca (NASDAQ:ERAS) last issued its 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). Analysts predict that Erasca, Inc. will post -0.49 EPS for the current fiscal year.

Institutional Trading of Erasca

A number of institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company grew its holdings in Erasca by 295.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 216,614 shares of the company’s stock valued at $3,505,000 after purchasing an additional 161,845 shares in the last quarter. Handelsbanken Fonder AB bought a new position in Erasca during the 2nd quarter valued at $1,500,000. Bank of America Corp DE lifted its position in shares of Erasca by 89.6% during the first quarter. Bank of America Corp DE now owns 3,055,897 shares of the company’s stock worth $49,444,000 after purchasing an additional 1,444,047 shares during the last quarter. BlackRock Inc. bought a new stake in Erasca in the second quarter valued at about $387,544,000. Finally, E Fund Management Co. Ltd. acquired a new stake in Erasca during the second quarter valued at approximately $4,862,000. 67.78% of the stock is owned by hedge funds and other institutional investors.

About Erasca

Erasca, Inc is a clinical-stage biotechnology company focused on developing treatments for cancers driven by abnormalities in the RAS/MAPK signaling pathway. The company’s research and development strategy is centered on precision oncology, with the goal of addressing cancers that have historically been difficult to treat because of mutations in RAS and related proteins.

Erasca’s lead investigational program is daraxonrasib, also known as RMC-6236, an oral RAS(ON) multi-selective inhibitor designed to target active RAS proteins.