Erasca (NASDAQ:ERAS) Stock Price Up 6.6% - Here's What Happened

Erasca, Inc. (NASDAQ:ERAS - Get Free Report) shares traded up 6.6% during trading on Friday . The company traded as high as $1.97 and last traded at $2.01. 459,262 shares changed hands during trading, a decline of 64% from the average session volume of 1,287,352 shares. The stock had previously closed at $1.88.

Analyst Ratings Changes

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

Erasca Stock Up 1.1 %

The company has a fifty day moving average price of $2.44 and a 200 day moving average price of $2.67. The stock has a market cap of $503.26 million, a PE ratio of -2.14 and a beta of 1.17.

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

Institutional Investors Weigh In On Erasca

Several institutional investors have recently added to or reduced their stakes in ERAS. Sei Investments Co. purchased a new stake in Erasca in the second quarter worth $39,000. Creative Planning lifted its position in shares of Erasca by 23.0% in the 3rd quarter. Creative Planning now owns 20,014 shares of the company's stock worth $55,000 after purchasing an additional 3,737 shares during the period. New York State Common Retirement Fund boosted its stake in shares of Erasca by 42.4% during 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. Valence8 US LP purchased a new position in shares of Erasca during the third quarter valued at about $128,000. Finally, The Manufacturers Life Insurance Company raised its stake 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 buying an additional 10,164 shares in 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.