Erasca (NASDAQ:ERAS) Shares Down 6.4% – Time to Sell?

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

Analyst Ratings Changes

Several research firms have commented on ERAS. The Goldman Sachs Group lifted their price objective on shares of Erasca from $3.00 to $3.50 and gave the stock a “buy” rating in a research note 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 price target on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $6.00 price objective on shares of Erasca in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $5.90.

Erasca Trading Down 2.7 %

The business’s fifty day moving average is $2.81 and its two-hundred day moving average is $2.71.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings data 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. On average, equities analysts forecast that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

Institutional Trading of Erasca

A number of hedge funds have recently added to or reduced their stakes in ERAS. Federated Hermes Inc. purchased a new position in Erasca during the 2nd quarter valued at about $31,000. Sei Investments Co. bought a new position in shares of Erasca during the second quarter valued at approximately $39,000. Victory Capital Management Inc. increased its holdings in Erasca by 82.2% during the second quarter. Victory Capital Management Inc. now owns 21,479 shares of the company’s stock valued at $51,000 after buying an additional 9,689 shares during the period. Creative Planning raised its stake in Erasca by 23.0% in the third quarter. Creative Planning now owns 20,014 shares of the company’s stock worth $55,000 after buying an additional 3,737 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Erasca by 27.0% during the second quarter. The Manufacturers Life Insurance Company now owns 47,861 shares of the company’s stock worth $113,000 after buying an additional 10,164 shares during the period. 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.