Erasca (NASDAQ:ERAS) Stock Jumps 6.2% – Here’s Why

Erasca, Inc. (NASDAQ:ERAS) shares shot up 6.2% during mid-day trading on Tuesday. The company traded as high as $13.90 and last traded at $14.4620. Approximately 162,116 shares were traded during mid-day trading, a decline of 97% from the average session volume of 5,874,585 shares. The stock had previously closed at $13.62.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ERAS shares. HSBC set a $20.00 price target on shares of Erasca in a research report on Tuesday, July 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research note on Tuesday, September 8th. Morgan Stanley increased their price objective on shares of Erasca from $12.00 to $21.00 and gave the company an “equal weight” rating in a report on Monday, July 20th. Jefferies Financial Group reiterated a “buy” rating on shares of Erasca in a research note on Tuesday, July 14th. Finally, HC Wainwright boosted their target price on Erasca from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.09.

Erasca Price Performance

The firm has a market cap of $5.13 billion, a price-to-earnings ratio of -15.47 and a beta of 0.61. The company has a fifty day moving average price of $16.06 and a two-hundred day moving average price of $15.88.

Erasca (NASDAQ:ERAS) last released its earnings results on Tuesday, August 11th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.03). On average, research analysts expect that Erasca, Inc. will post -0.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Erasca

Several large investors have recently made changes to their positions in ERAS. BlackRock Inc. acquired a new position in shares of Erasca in the 2nd quarter worth approximately $387,544,000. ARCH Venture Management LLC bought a new stake in shares of Erasca in the 2nd quarter worth approximately $129,917,324. Janus Henderson Group PLC acquired a new stake in Erasca during the first quarter valued at approximately $59,988,000. Assenagon Asset Management S.A. lifted its stake in Erasca by 407.9% during the third quarter. Assenagon Asset Management S.A. now owns 4,128,332 shares of the company’s stock valued at $60,521,000 after purchasing an additional 3,315,456 shares during the last quarter. Finally, Commodore Capital LP acquired a new stake in Erasca during the first quarter valued at approximately $51,372,000. Institutional investors own 67.78% of the company’s stock.

Erasca Company Profile

Erasca, Inc (NASDAQ: ERAS) is a clinical-stage biopharmaceutical company focused on developing precision medicines for patients with RAS/MAPK pathway-driven cancers. The company’s research and development programs are designed to target molecular alterations that contribute to tumor growth and treatment resistance, including mutations involving the RAS family of proteins and related signaling pathways.

Erasca’s pipeline has included small-molecule oncology candidates such as naporafenib, a pan-RAF inhibitor being studied in cancers with aberrant RAS/MAPK signaling, as well as additional investigational therapies intended to address difficult-to-treat oncogenic drivers.