Erasca (NASDAQ:ERAS) Reaches New 52-Week Low - Should You Sell?

Erasca, Inc. (NASDAQ:ERAS - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $1.66 and last traded at $1.67, with a volume of 1625782 shares changing hands. The stock had previously closed at $1.83.

Analyst Upgrades and Downgrades

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

Erasca Stock Up 4.1 %

The company has a market capitalization of $467.92 million, a price-to-earnings ratio of -1.99 and a beta of 1.17. The company has a 50 day simple moving average of $2.37 and a 200 day simple moving average of $2.64.

Erasca (NASDAQ:ERAS - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.17) by $0.06. On average, research analysts forecast that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Erasca

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Swiss National Bank lifted its stake in shares of Erasca by 9.6% during the fourth quarter. Swiss National Bank now owns 361,200 shares of the company's stock worth $907,000 after purchasing an additional 31,500 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Erasca by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,762,696 shares of the company's stock valued at $4,424,000 after purchasing an additional 39,066 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Erasca by 6.9% during the fourth quarter. Bank of New York Mellon Corp now owns 544,819 shares of the company's stock worth $1,367,000 after acquiring an additional 35,268 shares during the last quarter. New York State Common Retirement Fund raised its position in shares of Erasca by 42.4% in the 4th quarter. New York State Common Retirement Fund now owns 26,859 shares of the company's stock valued at $67,000 after purchasing an additional 8,000 shares in the last quarter. Finally, Rhumbline Advisers grew its position in shares of Erasca by 5.4% during the fourth 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. Institutional investors and hedge funds 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.