Erasca (NASDAQ:ERAS) Shares Up 3% - Still a Buy?

Erasca, Inc. (NASDAQ:ERAS - Get Free Report)'s stock price traded up 3% on Wednesday . The company traded as high as $2.79 and last traded at $2.75. 18,751 shares traded hands during trading, a decline of 98% from the average session volume of 808,706 shares. The stock had previously closed at $2.67.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ERAS shares. HC Wainwright reiterated a "buy" rating and set a $6.00 price target on shares of Erasca in a research report on Wednesday, November 13th. The Goldman Sachs Group boosted their target price on shares of Erasca from $3.00 to $3.50 and gave the stock a "buy" rating in a report on Friday, October 25th. 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. Finally, Jefferies Financial Group initiated coverage on shares of Erasca in a research report on Monday, November 18th. They set a "buy" rating and a $6.00 price target on the stock. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Erasca presently has a consensus rating of "Buy" and a consensus target price of $5.70.

Erasca Stock Performance

The stock has a 50-day moving average price of $2.77 and a 200-day moving average price of $2.75. The stock has a market cap of $777.50 million, a P/E ratio of -3.31 and a beta of 1.21.

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

Institutional Trading of Erasca

Large investors have recently made changes to their positions in the business. Barclays PLC lifted its position in Erasca by 627.5% during the third quarter. Barclays PLC now owns 343,930 shares of the company's stock valued at $939,000 after acquiring an additional 296,657 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of 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 buying an additional 1,190,807 shares during the last quarter. State Street Corp increased its holdings in Erasca by 145.2% in the 3rd quarter. State Street Corp now owns 6,027,620 shares of the company's stock valued at $16,455,000 after purchasing an additional 3,569,440 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Erasca by 27.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company's stock valued at $113,000 after purchasing an additional 10,164 shares in the last quarter. Finally, Fred Alger Management LLC purchased a new position in Erasca in the third quarter valued at approximately $630,000. 67.78% of the stock is currently owned by institutional investors.

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.