Erasca (NASDAQ:ERAS) Shares Break Above Two Hundred Day Moving Average – What’s Next?

Erasca, Inc. (NASDAQ:ERAS) passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $15.14 and traded as high as $15.70. Erasca shares last traded at $15.61, with a volume of 4,701,552 shares trading hands.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ERAS shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research report on Tuesday, September 8th. Morgan Stanley raised their price target on shares of Erasca from $12.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Monday, July 20th. HSBC set a $20.00 price objective on shares of Erasca in a report on Tuesday, July 14th. Guggenheim boosted their price objective on shares of Erasca from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, August 13th. Finally, HC Wainwright increased their target price on shares of Erasca from $18.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.09.

Erasca Stock Up 8.5%

The firm has a market cap of $5.88 billion, a P/E ratio of -17.68 and a beta of 0.68. The firm has a fifty day moving average of $14.98 and a 200-day moving average of $15.20.

Erasca (NASDAQ:ERAS) last issued its quarterly earnings results on Tuesday, August 11th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.03). On average, equities analysts forecast that Erasca, Inc. will post -0.49 EPS for the current year.

Institutional Investors Weigh In On Erasca

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Erasca in the second quarter valued at $387,544,000. ARCH Venture Management LLC bought a new stake in Erasca during the second quarter worth $129,917,324. Janus Henderson Group PLC bought a new stake in Erasca during the first quarter worth $59,988,000. Assenagon Asset Management S.A. raised its position 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 worth $60,521,000 after acquiring an additional 3,315,456 shares in the last quarter. Finally, Commodore Capital LP acquired a new stake in Erasca in the first quarter valued at $51,372,000. Institutional investors own 67.78% of the company’s stock.

About Erasca

Erasca, Inc. is a clinical-stage biotechnology company focused on developing medicines for cancer. Its research centers on the RAS/MAPK signaling pathway, which is involved in the growth of many tumors and can be difficult to target with existing therapies. The company’s pipeline includes investigational drug candidates designed to inhibit RAS proteins and other targets in the pathway. Erasca evaluates these candidates for potential use across multiple cancer types; its medicines remain in development rather than being marketed as approved treatments.