Erasca (NASDAQ:ERAS) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Erasca (NASDAQ:ERAS) posted its quarterly earnings data on Thursday. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.01, FiscalAI reports.

Erasca Trading Down 4.3%

NASDAQ:ERAS opened at $14.60 on Friday. Erasca has a 12 month low of $1.01 and a 12 month high of $16.41. The stock has a market capitalization of $4.54 billion, a price-to-earnings ratio of -33.18 and a beta of 1.16. The firm has a fifty day simple moving average of $12.16 and a two-hundred day simple moving average of $5.99.

Insider Activity

In other news, General Counsel Ebun Garner sold 120,000 shares of the 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 transaction, the general counsel owned 25,076 shares of the company’s stock, valued at $140,174.84. This represents a 82.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Shannon Morris sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $15.04, for a total value of $300,800.00. Additional details regarding this sale are available in the official SEC disclosure. 14.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Erasca

A number of institutional investors have recently modified their holdings of the company. EntryPoint Capital LLC acquired a new stake in Erasca in the 4th quarter valued at $38,000. Stifel Financial Corp acquired a new position in Erasca during the fourth quarter worth $38,000. XTX Topco Ltd bought a new position in shares of Erasca in the fourth quarter valued at $40,000. Mariner LLC bought a new position in shares of Erasca in the fourth quarter valued at $40,000. Finally, Cibc World Markets Corp acquired a new position in shares of Erasca during the fourth quarter valued at about $43,000. 67.78% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ERAS has been the topic of several recent analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Erasca from $24.00 to $25.00 and gave the company an “overweight” rating in a report on Wednesday. Guggenheim lifted their price objective on Erasca from $12.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, March 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of Erasca in a research note on Thursday, January 22nd. Morgan Stanley set a $10.00 target price on Erasca in a research report on Monday, January 26th. Finally, Mizuho raised their target price on Erasca from $16.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, March 13th. Eight investment 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 MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $15.33.

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.