Erasca (NASDAQ:ERAS) Shares Up 5.4% – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS) shares rose 5.4% during mid-day trading on Thursday . The company traded as high as $15.86 and last traded at $16.5420. 282,151 shares were traded during trading, a decline of 95% from the average daily volume of 5,948,134 shares. The stock had previously closed at $15.70.

Analyst Upgrades and Downgrades

ERAS has been the subject of several research reports. Wall Street Zen downgraded shares of Erasca from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. HSBC set a $20.00 price objective on shares of Erasca in a research note on Tuesday, July 14th. Wolfe Research set a $16.00 target price on shares of Erasca in a research note on Thursday, June 4th. HC Wainwright raised their price target on Erasca from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Erasca in a research report on Tuesday, July 14th. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Erasca currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.09.

Erasca Trading Up 3.1%

The company has a market capitalization of $5.66 billion, a price-to-earnings ratio of -17.10 and a beta of 0.64. The firm’s 50 day simple moving average is $18.22 and its 200-day simple moving average is $15.80.

Erasca (NASDAQ:ERAS) last issued its earnings results on Tuesday, August 11th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.03). As a group, sell-side analysts forecast that Erasca, Inc. will post -0.49 EPS for the current fiscal year.

Institutional Trading of Erasca

Several hedge funds have recently modified their holdings of the business. Nykredit A S acquired a new position in Erasca during the second quarter worth $29,000. Allworth Financial LP purchased a new stake in shares of Erasca during the 2nd quarter worth $34,000. EverSource Wealth Advisors LLC grew its stake in shares of Erasca by 77.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company’s stock worth $69,000 after purchasing an additional 1,859 shares during the period. Integrated Wealth Concepts LLC acquired a new position in shares of Erasca during the 2nd quarter worth $80,000. Finally, KBC Group NV purchased a new position in shares of Erasca in the 1st quarter valued at about $81,000. 67.78% of the stock is owned by institutional investors and hedge funds.

Erasca Company Profile

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.