Erasca (NASDAQ:ERAS) Shares Up 3.8% - Should You Buy?

Erasca, Inc. (NASDAQ:ERAS - Get Free Report)'s share price shot up 3.8% during mid-day trading on Tuesday . The stock traded as high as $2.77 and last traded at $2.74. 718,831 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 1,624,207 shares. The stock had previously closed at $2.64.

Analyst Ratings Changes

Several research firms have recently issued reports on ERAS. The Goldman Sachs Group raised 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. HC Wainwright reaffirmed a "buy" rating and issued a $6.00 price target on shares of Erasca in a research note on Friday. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $6.10.

Erasca Trading Up 6.1 %

The company has a market cap of $791 million, a PE ratio of -3.04 and a beta of 1.16. The company's 50 day moving average is $2.76 and its 200 day moving average is $2.53.

Erasca (NASDAQ:ERAS - Get Free Report) last posted its earnings results on Monday, August 12th. The company reported ($0.29) EPS for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.12). Analysts expect that Erasca, Inc. will post -0.91 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Frazier Life Sciences Management L.P. purchased a new position in Erasca during the 2nd quarter valued at about $38,270,000. Logos Global Management LP purchased a new position in Erasca during the 2nd quarter valued at about $13,924,000. Vanguard Group Inc. increased its position in Erasca by 14.4% during the 1st quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company's stock valued at $8,937,000 after purchasing an additional 545,765 shares during the period. Marshall Wace LLP purchased a new position in shares of Erasca in the 2nd quarter worth approximately $8,667,000. Finally, Affinity Asset Advisors LLC purchased a new position in shares of Erasca in the 2nd quarter worth approximately $5,899,000. 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.