Erasca Target of Unusually High Options Trading (NASDAQ:ERAS)

Erasca, Inc. (NASDAQ:ERAS) was the recipient of some unusual options trading on Wednesday. Stock traders purchased 11,327 call options on the stock. This is an increase of approximately 1,443% compared to the typical daily volume of 734 call options.

Analyst Ratings Changes

Several analysts have issued reports on ERAS shares. Morgan Stanley reissued an “equal weight” rating and issued a $2.00 price target (down previously from $4.00) on shares of Erasca in a research note on Monday, August 18th. 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 Erasca from a “sell” rating to a “hold” rating in a research note on Sunday, September 21st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research report on Wednesday. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $3.71.

Hedge Funds Weigh In On Erasca

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Frazier Life Sciences Management L.P. boosted its holdings in shares of Erasca by 0.7% during the second quarter. Frazier Life Sciences Management L.P. now owns 22,729,436 shares of the company’s stock worth $28,866,000 after acquiring an additional 153,585 shares during the period. VR Adviser LLC boosted its holdings in shares of Erasca by 10.1% during the second quarter. VR Adviser LLC now owns 17,857,083 shares of the company’s stock worth $22,678,000 after acquiring an additional 1,640,867 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Erasca by 3.5% during the first quarter. T. Rowe Price Investment Management Inc. now owns 17,292,164 shares of the company’s stock worth $23,691,000 after acquiring an additional 581,817 shares during the period. Paradigm Biocapital Advisors LP boosted its holdings in shares of Erasca by 0.5% during the first quarter. Paradigm Biocapital Advisors LP now owns 10,802,354 shares of the company’s stock worth $14,799,000 after acquiring an additional 50,000 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Erasca by 1.6% during the second quarter. Geode Capital Management LLC now owns 4,835,642 shares of the company’s stock worth $6,143,000 after acquiring an additional 77,790 shares during the period. Institutional investors own 67.78% of the company’s stock.

Erasca Stock Performance

NASDAQ:ERAS opened at $2.43 on Thursday. The stock’s 50-day simple moving average is $1.71 and its 200 day simple moving average is $1.49. The company has a market cap of $689.32 million, a P/E ratio of -5.40 and a beta of 1.18. Erasca has a 52-week low of $1.01 and a 52-week high of $3.31.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings results on Tuesday, August 12th. The company reported ($0.12) EPS for the quarter, hitting analysts’ consensus estimates of ($0.12). As a group, equities analysts predict that Erasca will post -0.73 earnings per share for the current fiscal year.

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.