Erasca (NASDAQ:ERAS) Shares Down 4.1% – Time to Sell?

Shares of Erasca, Inc. (NASDAQ:ERAS) were down 4.1% during mid-day trading on Wednesday . The company traded as low as $16.15 and last traded at $16.08. 768,033 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 6,012,599 shares. The stock had previously closed at $16.76.

Wall Street Analysts Forecast Growth

ERAS has been the subject of a number of research analyst reports. Mizuho lowered their target price on Erasca from $28.00 to $26.00 and set an “outperform” rating for the company in a research note on Tuesday, May 12th. HSBC set a $20.00 price target on Erasca in a research note on Tuesday, July 14th. Guggenheim raised their price objective on Erasca from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. Wolfe Research set a $16.00 target price on shares of Erasca in a report on Thursday, June 4th. Finally, HC Wainwright upped their target price on shares of Erasca from $18.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, August 12th. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.09.

Erasca Stock Performance

The firm has a 50-day moving average price of $18.29 and a 200-day moving average price of $15.64. The stock has a market cap of $5.53 billion, a PE ratio of -16.67 and a beta of 0.64.

Erasca (NASDAQ:ERAS) last announced its quarterly earnings data on Tuesday, August 11th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.03). As a group, sell-side analysts anticipate that Erasca, Inc. will post -0.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Erasca

Several institutional investors and hedge funds have recently made changes to their positions in ERAS. Nykredit A S purchased a new stake in Erasca during the 2nd quarter valued at $29,000. Allworth Financial LP purchased a new position in shares of Erasca in the second quarter worth $34,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Erasca by 77.8% during the first quarter. EverSource Wealth Advisors LLC now owns 4,249 shares of the company’s stock valued at $69,000 after purchasing an additional 1,859 shares in the last quarter. KBC Group NV purchased a new stake in shares of Erasca during the first quarter valued at $81,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Erasca during the second quarter valued at $106,000. Institutional investors own 67.78% of the company’s stock.

About Erasca

Erasca, Inc is a clinical‐stage biopharmaceutical company dedicated to the discovery and development of precision medicines for patients with cancer. The company focuses on small molecule therapeutics that target critical signaling pathways involved in tumor growth and survival, with a primary emphasis on inhibitors of the MAPK pathway. Erasca’s approach is designed to deliver oral, targeted therapies that address both oncogene‐driven and immuno‐oncology indications, aiming to improve outcomes for patients with unmet medical needs.

Erasca’s pipeline comprises multiple development candidates, including small molecule inhibitors engineered to disrupt key nodes in cancer cell signaling.