Erasca (NASDAQ:ERAS) Trading 6.4% Higher – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS) was up 6.4% on Thursday . The company traded as high as $12.05 and last traded at $11.9610. Approximately 1,715,291 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 8,972,388 shares. The stock had previously closed at $11.24.

Wall Street Analyst Weigh In

ERAS has been the topic of a number of research reports. HC Wainwright boosted their price target on Erasca from $11.00 to $15.00 and gave the company a “buy” rating in a report on Monday, January 26th. Morgan Stanley set a $10.00 target price on Erasca in a research report on Monday, January 26th. Piper Sandler upped their price target on Erasca from $5.00 to $11.00 and gave the stock an “overweight” rating in a research report on Friday, January 16th. Stifel Nicolaus set a $10.00 price target on shares of Erasca in a research note on Monday, January 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Erasca in a report on Thursday, January 22nd. Seven 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.22.

Erasca Price Performance

The business has a 50-day simple moving average of $5.82 and a two-hundred day simple moving average of $3.34. The stock has a market cap of $3.73 billion, a price-to-earnings ratio of -26.80 and a beta of 1.21.

Erasca (NASDAQ:ERAS) last issued its earnings results on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate of ($0.11). As a group, equities analysts anticipate that Erasca, Inc. will post -0.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Erasca

In other news, General Counsel Ebun Garner sold 120,000 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $5.59, for a total transaction of $670,800.00. Following the completion of the sale, the general counsel owned 25,076 shares in the company, valued at approximately $140,174.84. This trade represents a 82.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 14.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Erasca

A number of institutional investors have recently made changes to their positions in ERAS. Bailard Inc. acquired a new position in shares of Erasca in the fourth quarter valued at approximately $131,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Erasca by 25.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,787 shares of the company’s stock valued at $51,000 after acquiring an additional 2,820 shares in the last quarter. Palumbo Wealth Management LLC raised its stake in Erasca by 11.9% in the 4th quarter. Palumbo Wealth Management LLC now owns 139,385 shares of the company’s stock worth $519,000 after purchasing an additional 14,852 shares in the last quarter. Wealthcare Advisory Partners LLC bought a new stake in Erasca in the 4th quarter valued at about $56,000. Finally, SG Americas Securities LLC grew its position in shares of Erasca by 233.3% during the 4th quarter. SG Americas Securities LLC now owns 48,677 shares of the company’s stock worth $181,000 after purchasing an additional 34,072 shares in the last quarter. Institutional investors own 67.78% of the company’s stock.

Erasca Company Profile

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.