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

Erasca, Inc. (NASDAQ:ERAS)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $5.17, but opened at $4.35. Erasca shares last traded at $5.0050, with a volume of 2,160,536 shares traded.

Wall Street Analysts Forecast Growth

ERAS has been the topic of several research reports. Wall Street Zen upgraded Erasca from a “sell” rating to a “hold” rating in a research note on Sunday, September 21st. Stifel Nicolaus set a $6.00 price objective on shares of Erasca in a research report on Thursday, November 6th. Mizuho raised their target price on shares of Erasca from $4.00 to $5.00 and gave the company an “outperform” rating in a research report on Tuesday, December 9th. Morgan Stanley set a $4.00 price target on shares of Erasca in a research note on Thursday. Finally, Guggenheim increased their price objective on shares of Erasca from $3.00 to $5.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $4.44.

Erasca Stock Performance

The company has a market capitalization of $1.53 billion, a P/E ratio of -11.93 and a beta of 1.15. The stock’s fifty day moving average price is $3.12 and its 200-day moving average price is $2.23.

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

Hedge Funds Weigh In On Erasca

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ERAS. Vivo Capital LLC boosted its holdings in shares of Erasca by 37.2% during the 3rd quarter. Vivo Capital LLC now owns 9,273,428 shares of the company’s stock worth $20,216,000 after buying an additional 2,516,672 shares during the period. Paradigm Biocapital Advisors LP grew its position in shares of Erasca by 13.9% in the third quarter. Paradigm Biocapital Advisors LP now owns 13,560,017 shares of the company’s stock valued at $29,561,000 after purchasing an additional 1,652,835 shares during the last quarter. VR Adviser LLC increased its stake in shares of Erasca by 10.1% during the second quarter. VR Adviser LLC now owns 17,857,083 shares of the company’s stock worth $22,678,000 after purchasing an additional 1,640,867 shares during the period. Affinity Asset Advisors LLC lifted its holdings in Erasca by 22.3% during the 2nd quarter. Affinity Asset Advisors LLC now owns 4,085,787 shares of the company’s stock worth $5,189,000 after purchasing an additional 744,268 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in Erasca by 594.8% in the 1st quarter. AQR Capital Management LLC now owns 396,202 shares of the company’s stock valued at $543,000 after buying an additional 339,177 shares in the last quarter. 67.78% of the stock is owned by institutional investors.

About Erasca

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.