Erasca (NASDAQ:ERAS) Shares Gap Up – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS) shares gapped up before the market opened on Tuesday . The stock had previously closed at $2.56, but opened at $2.66. Erasca shares last traded at $2.62, with a volume of 49,142 shares traded.

Analyst Ratings Changes

Several research firms have weighed in on ERAS. The Goldman Sachs Group boosted their price target on Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research report on Friday, October 25th. Jefferies Financial Group initiated coverage on shares of Erasca in a report on Monday, November 18th. They set a “buy” rating and a $6.00 target price on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $6.00 price target on shares of Erasca in a research note on Wednesday, November 13th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Erasca currently has a consensus rating of “Moderate Buy” and an average target price of $5.90.

Erasca Trading Up 0.4 %

The business has a 50 day moving average of $2.81 and a two-hundred day moving average of $2.72. The firm has a market cap of $743.57 million, a P/E ratio of -3.16 and a beta of 1.20.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.06. On average, sell-side analysts predict that Erasca, Inc. will post -0.73 EPS for the current year.

Hedge Funds Weigh In On Erasca

A number of large investors have recently made changes to their positions in ERAS. Creative Planning grew its holdings in Erasca by 23.0% in the 3rd quarter. Creative Planning now owns 20,014 shares of the company’s stock valued at $55,000 after buying an additional 3,737 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Erasca by 82.2% during the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock worth $51,000 after buying an additional 9,689 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Erasca by 27.0% in the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock valued at $113,000 after acquiring an additional 10,164 shares during the period. Federated Hermes Inc. acquired a new position in shares of Erasca in the second quarter valued at about $31,000. Finally, Sei Investments Co. bought a new position in Erasca during the second quarter worth about $39,000. Institutional investors own 67.78% of the company’s stock.

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.