Erasca (NASDAQ:ERAS) Shares Gap Up - Time to Buy?

Erasca, Inc. (NASDAQ:ERAS - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $2.67, but opened at $2.94. Erasca shares last traded at $2.68, with a volume of 112,739 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. The Goldman Sachs Group raised their price objective on Erasca from $3.00 to $3.50 and gave the company a "buy" rating in a research note on Friday, October 25th. Jefferies Financial Group began coverage on Erasca in a research report on Monday. They issued a "buy" rating and a $6.00 target price for the company. Finally, HC Wainwright reiterated a "buy" rating and issued a $6.00 target price on shares of Erasca in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $6.08.

Erasca Stock Up 2.2 %

The stock has a 50 day simple moving average of $2.78 and a 200 day simple moving average of $2.62. The stock has a market cap of $771.85 million, a price-to-earnings ratio of -3.25 and a beta of 1.16.

Erasca (NASDAQ:ERAS - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, beating analysts' consensus estimates of ($0.17) by $0.06. Equities analysts expect that Erasca, Inc. will post -0.82 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Creative Planning boosted its position in shares of Erasca by 23.0% during the third quarter. Creative Planning now owns 20,014 shares of the company's stock valued at $55,000 after buying an additional 3,737 shares during the last quarter. Victory Capital Management Inc. boosted its position in Erasca by 82.2% in the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company's stock worth $51,000 after purchasing an additional 9,689 shares during the last quarter. Edmonds Duncan Registered Investment Advisors LLC boosted its position in Erasca by 41.2% in the second quarter. Edmonds Duncan Registered Investment Advisors LLC now owns 34,280 shares of the company's stock worth $81,000 after purchasing an additional 10,000 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in 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 purchasing an additional 10,164 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new position in Erasca in the second quarter worth $31,000. Hedge funds and other institutional investors own 67.78% of the company's stock.

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.