Erasca (NASDAQ:ERAS) Stock Price Down 6.1% - What's Next?

Erasca, Inc. (NASDAQ:ERAS - Get Free Report)'s share price traded down 6.1% during mid-day trading on Monday . The stock traded as low as $1.76 and last traded at $1.78. 359,776 shares were traded during mid-day trading, a decline of 72% from the average session volume of 1,287,955 shares. The stock had previously closed at $1.89.

Wall Street Analyst Weigh In

A number of research firms recently commented on ERAS. Bank of America raised shares of 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. HC Wainwright restated a "buy" rating and set a $6.00 target price on shares of Erasca in a research report on Wednesday, November 13th. Jefferies Financial Group assumed coverage on Erasca in a report on Monday, November 18th. They issued a "buy" rating and a $6.00 price target on the stock. Finally, The Goldman Sachs Group boosted their price objective on Erasca from $3.00 to $3.50 and gave the company a "buy" rating in a report on Friday, October 25th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Erasca has a consensus rating of "Buy" and a consensus target price of $5.70.

Erasca Price Performance

The stock's 50-day moving average price is $2.39 and its 200 day moving average price is $2.66. The firm has a market capitalization of $472.16 million, a PE ratio of -2.01 and a beta of 1.17.

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

Institutional Trading of Erasca

Several institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its position 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 during the period. Bank of New York Mellon Corp boosted its stake 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 valued at $1,367,000 after purchasing an additional 35,268 shares in the last quarter. New York State Common Retirement Fund increased its holdings in Erasca by 42.4% during the fourth quarter. New York State Common Retirement Fund now owns 26,859 shares of the company's stock valued at $67,000 after buying an additional 8,000 shares during the period. Rhumbline Advisers raised its stake in Erasca by 5.4% in 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. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in Erasca by 10.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 59,949 shares of the company's stock worth $150,000 after buying an additional 5,614 shares during the period. 67.78% of the stock is currently owned by institutional investors.

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.