Erasca (NASDAQ:ERAS) Shares Gap Up - Should You Buy?

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $2.56, but opened at $2.66. Erasca shares last traded at $2.62, with a volume of 49,142 shares changing hands.

Analyst Ratings Changes

A number of brokerages have recently commented on ERAS. HC Wainwright reissued a "buy" rating and issued a $6.00 price objective on shares of Erasca in a research report on Wednesday, November 13th. The Goldman Sachs Group increased their price target on Erasca from $3.00 to $3.50 and gave the company a "buy" rating in a research report on Friday, October 25th. Finally, Jefferies Financial Group initiated coverage on shares of Erasca in a research report on Monday, November 18th. They issued a "buy" rating and a $6.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $5.90.

Erasca Stock Performance

The firm's fifty day moving average is $2.81 and its 200 day moving average is $2.72. The company has a market capitalization of $743.57 million, a P/E ratio of -3.16 and a beta of 1.20.

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ERAS. Frazier Life Sciences Management L.P. lifted its holdings in Erasca by 19.6% during the 3rd quarter. Frazier Life Sciences Management L.P. now owns 19,391,687 shares of the company's stock worth $52,939,000 after buying an additional 3,175,471 shares in the last quarter. State Street Corp increased its stake in shares of Erasca by 145.2% during the 3rd quarter. State Street Corp now owns 6,027,620 shares of the company's stock valued at $16,455,000 after acquiring an additional 3,569,440 shares during the last quarter. Logos Global Management LP acquired a new position in shares of Erasca during the 2nd quarter valued at $13,924,000. PFM Health Sciences LP lifted its position in Erasca by 4.4% during the 3rd quarter. PFM Health Sciences LP now owns 4,876,911 shares of the company's stock worth $13,314,000 after acquiring an additional 205,137 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Erasca by 36.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,502,698 shares of the company's stock worth $12,295,000 after purchasing an additional 1,190,807 shares during the last quarter. 67.78% of the stock is owned by institutional investors and hedge funds.

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.