Erasca (NASDAQ:ERAS) Trading Down 6.4% – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS)’s share price traded down 6.4% on Wednesday . The company traded as low as $2.74 and last traded at $2.77. 373,611 shares were traded during trading, a decline of 77% from the average session volume of 1,603,549 shares. The stock had previously closed at $2.96.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ERAS shares. HC Wainwright restated a “buy” rating and issued a $6.00 target price on shares of Erasca in a report on Wednesday, November 13th. Jefferies Financial Group started coverage on Erasca in a research note on Monday, November 18th. They issued a “buy” rating and a $6.00 price target on the stock. Finally, The Goldman Sachs Group upped their price objective on Erasca from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Friday, October 25th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Erasca currently has a consensus rating of “Moderate Buy” and a consensus price target of $5.90.

Erasca Price Performance

The business has a 50-day simple moving average of $2.81 and a 200 day simple moving average of $2.71.

Erasca (NASDAQ:ERAS) last released its earnings results on Tuesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.06. As a group, sell-side analysts expect that Erasca, Inc. will post -0.73 EPS for the current year.

Institutional Investors Weigh In On Erasca

A number of institutional investors have recently added to or reduced their stakes in ERAS. Vanguard Group Inc. boosted its holdings in shares of Erasca by 14.4% during the 1st quarter. Vanguard Group Inc. now owns 4,338,108 shares of the company’s stock valued at $8,937,000 after purchasing an additional 545,765 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Erasca by 27.0% during the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock valued at $113,000 after buying an additional 10,164 shares during the last quarter. Fred Alger Management LLC bought a new position in Erasca during the third quarter valued at approximately $630,000. Sei Investments Co. purchased a new position in Erasca during the 2nd quarter valued at approximately $39,000. Finally, Sofinnova Investments Inc. bought a new stake in Erasca in the 2nd quarter worth approximately $4,011,000. 67.78% of the stock is owned by hedge funds and other institutional investors.

About Erasca

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.