Erasca (NASDAQ:ERAS) Trading Up 6%

Erasca, Inc. (NASDAQ:ERAS)’s stock price was up 6% on Tuesday . The stock traded as high as $3.03 and last traded at $2.99. Approximately 1,572,056 shares traded hands during mid-day trading, an increase of 2% from the average daily volume of 1,548,341 shares. The stock had previously closed at $2.82.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. HC Wainwright upped their price objective on Erasca from $5.00 to $6.00 and gave the stock a “buy” rating in a research report on Tuesday, August 13th. The Goldman Sachs Group decreased their price objective on Erasca from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, August 14th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $6.00.

Erasca Stock Performance

The firm has a market capitalization of $514.88 million, a price-to-earnings ratio of -3.54 and a beta of 1.16. The business has a 50 day simple moving average of $2.89 and a 200-day simple moving average of $2.43.

Erasca (NASDAQ:ERAS) last issued its earnings results on Monday, August 12th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.12). Equities analysts predict that Erasca, Inc. will post -0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Erasca

A number of hedge funds and other institutional investors have recently bought and sold shares of ERAS. Vanguard Personalized Indexing Management LLC purchased a new position in Erasca during the 4th quarter valued at about $35,000. RPO LLC purchased a new position in Erasca during the 4th quarter valued at about $44,000. Pale Fire Capital SE boosted its holdings in Erasca by 342.0% during the 4th quarter. Pale Fire Capital SE now owns 186,101 shares of the company’s stock valued at $396,000 after acquiring an additional 144,000 shares during the period. Pennant Investors LP purchased a new position in Erasca during the 4th quarter valued at about $354,000. Finally, Sierra Summit Advisors LLC purchased a new position in shares of Erasca in the 4th quarter valued at about $225,000. 67.78% of the stock is currently 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.