Erasca (NASDAQ:ERAS) Sets New 52-Week High - What's Next?
Erasca (NASDAQ:ERAS) reached a new 52-week high at $3.38, closing at $3.29 with a 13.8% increase. Analysts have mixed ratings: Morgan Stanley and Bank of America issued lower price targets, while Guggenheim raised its target to $5.00 with a "buy" rating. Institutional investors have increased their stakes, owning 67.78% of the stock. Erasca focuses on precision oncology therapies, with its lead product in phase 1b trials. Despite a "Hold" rating, analysts suggest other stocks may be better investments.
Erasca, Inc. (NASDAQ:ERAS - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $3.38 and last traded at $3.29, with a volume of 5030276 shares traded. The stock had previously closed at $2.89.
Wall Street Analysts Forecast Growth
ERAS has been the topic of a number of recent analyst reports. Morgan Stanley reissued an "equal weight" rating and set a $2.00 price target (down from $4.00) on shares of Erasca in a research report on Monday, August 18th. Stifel Nicolaus set a $6.00 price target on Erasca in a report on Thursday, November 6th. Bank of America reissued an "underperform" rating and issued a $1.00 price target (down previously from $4.00) on shares of Erasca in a research note on Wednesday, September 3rd. Wall Street Zen raised shares of Erasca from a "sell" rating to a "hold" rating in a research note on Sunday, September 21st. Finally, Guggenheim raised their target price on Erasca from $3.00 to $5.00 and gave the company a "buy" rating in a report on Friday, November 14th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Erasca presently has an average rating of "Hold" and an average price target of $4.00.
Check Out Our Latest Report on ERAS
Erasca Stock Up 13.8%
The stock has a market capitalization of $933.41 million, a P/E ratio of -7.31 and a beta of 1.16. The firm has a fifty day moving average price of $2.51 and a two-hundred day moving average price of $1.85.
Erasca (NASDAQ:ERAS - Get Free Report) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11). Sell-side analysts anticipate that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Erasca
A number of institutional investors and hedge funds have recently bought and sold shares of the company. CIBC Bancorp USA Inc. purchased a new position in shares of Erasca in the 3rd quarter valued at approximately $40,000. Vivo Capital LLC grew its stake in Erasca by 37.2% during the 3rd quarter. Vivo Capital LLC now owns 9,273,428 shares of the company's stock valued at $20,216,000 after acquiring an additional 2,516,672 shares in the last quarter. Paradigm Biocapital Advisors LP increased its position in Erasca by 13.9% during the third quarter. Paradigm Biocapital Advisors LP now owns 13,560,017 shares of the company's stock worth $29,561,000 after purchasing an additional 1,652,835 shares during the last quarter. Creative Planning lifted its stake in shares of Erasca by 43.4% in the 3rd quarter. Creative Planning now owns 350,314 shares of the company's stock valued at $764,000 after purchasing an additional 105,982 shares during the last quarter. Finally, Qtron Investments LLC lifted its stake in Erasca by 219.9% during the third quarter. Qtron Investments LLC now owns 33,593 shares of the company's stock worth $73,000 after purchasing an additional 23,092 shares in the last quarter. 67.78% of the stock is owned by institutional investors.
Erasca Company Profile
(Get Free Report)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.
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