Erasca (NASDAQ:ERAS) Shares Gap Up – What’s Next?

Erasca, Inc. (NASDAQ:ERAS) shares gapped up before the market opened on Tuesday . The stock had previously closed at $3.34, but opened at $3.43. Erasca shares last traded at $3.3750, with a volume of 321,710 shares traded.

Analysts Set New Price Targets

Several research firms have recently commented on ERAS. Mizuho upped their price objective on shares of Erasca from $4.00 to $5.00 and gave the company an “outperform” rating in a report on Tuesday. Wall Street Zen upgraded Erasca from a “sell” rating to a “hold” rating in a research report on Sunday, September 21st. Morgan Stanley restated an “equal weight” rating and set a $2.00 price target (down previously from $4.00) on shares of Erasca in a research report on Monday, August 18th. Guggenheim raised their price objective on Erasca from $3.00 to $5.00 and gave the company a “buy” rating in a report on Friday, November 14th. Finally, Bank of America restated an “underperform” rating and issued a $1.00 target price (down from $4.00) on shares of Erasca in a report on Wednesday, September 3rd. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $4.13.

Erasca Trading Up 1.7%

The firm’s fifty day moving average price is $2.63 and its 200-day moving average price is $1.92. The firm has a market cap of $940.51 million, a price-to-earnings ratio of -7.40 and a beta of 1.16.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.11). On average, sell-side analysts expect that Erasca, Inc. will post -0.73 earnings per share for the current year.

Hedge Funds Weigh In On Erasca

Institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets lifted its position in Erasca by 58.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 21,579 shares of the company’s stock worth $27,000 after acquiring an additional 7,923 shares during the period. EP Wealth Advisors LLC purchased a new position in Erasca in the 2nd quarter valued at $29,000. Russell Investments Group Ltd. purchased a new position in Erasca in the 3rd quarter valued at $31,000. SG Americas Securities LLC acquired a new position in Erasca in the 3rd quarter valued at $32,000. Finally, Crowley Wealth Management Inc. purchased a new position in Erasca during the 3rd quarter worth $33,000. Institutional investors and hedge funds 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.