Erasca (NASDAQ:ERAS) Trading Down 8.6% – Should You Sell?

Erasca, Inc. (NASDAQ:ERAS)’s share price was down 8.6% on Wednesday . The company traded as low as $14.31 and last traded at $14.22. Approximately 1,413,803 shares changed hands during trading, a decline of 76% from the average daily volume of 5,931,529 shares. The stock had previously closed at $15.55.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ERAS shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a report on Tuesday, September 8th. Wolfe Research set a $16.00 price target on Erasca in a report on Thursday, June 4th. HSBC set a $20.00 price objective on Erasca in a research note on Tuesday, July 14th. Bank of America upped their target price on shares of Erasca from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Friday, August 14th. Finally, HC Wainwright raised their target price on shares of Erasca from $18.00 to $22.00 and gave the company 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Erasca presently has an average rating of “Moderate Buy” and a consensus price target of $22.09.

Erasca Stock Performance

The stock’s 50-day moving average is $17.66 and its 200 day moving average is $15.92. The stock has a market capitalization of $4.93 billion, a PE ratio of -14.84 and a beta of 0.64.

Erasca (NASDAQ:ERAS) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.03). Analysts expect that Erasca, Inc. will post -0.49 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ERAS. Frazier Life Sciences Management L.P. lifted its stake in Erasca by 1.2% in the second quarter. Frazier Life Sciences Management L.P. now owns 24,975,188 shares of the company’s stock valued at $457,545,000 after buying an additional 300,000 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Erasca during the second quarter worth approximately $387,544,000. Vivo Capital LLC grew its position in shares of Erasca by 31.0% during the first quarter. Vivo Capital LLC now owns 12,151,480 shares of the company’s stock worth $196,611,000 after acquiring an additional 2,878,052 shares during the last quarter. Siren L.L.C. increased its holdings in shares of Erasca by 28.4% in the 1st quarter. Siren L.L.C. now owns 11,244,246 shares of the company’s stock valued at $181,932,000 after acquiring an additional 2,486,997 shares during the period. Finally, ARCH Venture Management LLC purchased a new stake in Erasca in the 2nd quarter valued at $129,917,324. Hedge funds and other institutional investors own 67.78% of the company’s stock.

Erasca Company Profile

Erasca, Inc is a clinical-stage biotechnology company focused on developing treatments for cancers driven by abnormalities in the RAS/MAPK signaling pathway. The company’s research and development strategy is centered on precision oncology, with the goal of addressing cancers that have historically been difficult to treat because of mutations in RAS and related proteins.

Erasca’s lead investigational program is daraxonrasib, also known as RMC-6236, an oral RAS(ON) multi-selective inhibitor designed to target active RAS proteins.