Erasca (NASDAQ:ERAS) Stock Price Down 6.2% - Here's What Happened

Erasca, Inc. (NASDAQ:ERAS - Get Free Report)'s share price traded down 6.2% during trading on Thursday . The stock traded as low as $1.78 and last traded at $1.80. 273,666 shares traded 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 Analyst Weigh In

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

Erasca Trading Down 0.5 %

The firm's 50-day simple moving average is $2.68 and its two-hundred day simple moving average is $2.75. The stock has a market capitalization of $523.05 million, a PE ratio of -2.23 and a beta of 1.21.

Erasca (NASDAQ:ERAS - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.06. As a group, research analysts expect that Erasca, Inc. will post -0.73 earnings per share for the current year.

Hedge Funds Weigh In On Erasca

Several institutional investors and hedge funds have recently bought and sold shares of the business. Federated Hermes Inc. acquired a new stake in shares of Erasca during the second quarter worth approximately $31,000. Sei Investments Co. purchased a new stake in Erasca in the 2nd quarter worth approximately $39,000. Victory Capital Management Inc. boosted its stake in shares of Erasca by 82.2% during the 2nd quarter. Victory Capital Management Inc. now owns 21,479 shares of the company's stock valued at $51,000 after buying an additional 9,689 shares during the period. Creative Planning grew its holdings in shares of Erasca by 23.0% during the 3rd quarter. Creative Planning now owns 20,014 shares of the company's stock valued at $55,000 after acquiring an additional 3,737 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Erasca by 27.0% in the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company's stock worth $113,000 after acquiring an additional 10,164 shares during the last quarter. 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.