Erasca (NASDAQ:ERAS) Trading 8.2% Higher – Here’s What Happened

Erasca, Inc. (NASDAQ:ERAS) traded up 8.2% during trading on Thursday . The stock traded as high as $17.70 and last traded at $17.9610. 926,465 shares traded hands during trading, a decline of 86% from the average session volume of 6,390,951 shares. The stock had previously closed at $16.60.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ERAS shares. Citigroup restated a “buy” rating on shares of Erasca in a research note on Friday, March 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Erasca in a research report on Thursday, January 22nd. Piper Sandler increased their price objective on Erasca from $11.00 to $18.00 and gave the company an “overweight” rating in a report on Friday, March 13th. Guggenheim raised 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. Finally, Morgan Stanley set a $10.00 target price on Erasca in a research report on Monday, January 26th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Erasca currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.63.

Erasca Stock Performance

The stock’s 50 day simple moving average is $13.20 and its 200-day simple moving average is $6.80. The firm has a market cap of $5.39 billion, a price-to-earnings ratio of -39.48 and a beta of 1.04.

Erasca (NASDAQ:ERAS) last posted its quarterly earnings data on Thursday, March 19th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.01. On average, analysts expect that Erasca, Inc. will post -0.73 EPS for the current fiscal year.

Insider Transactions at Erasca

In other Erasca news, insider Shannon Morris sold 20,000 shares of Erasca stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $15.04, for a total transaction of $300,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $670,800.00. Following the completion of the transaction, the general counsel directly owned 25,076 shares in the company, valued at $140,174.84. This represents a 82.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 14.40% of the company’s stock.

Hedge Funds Weigh In On Erasca

Several hedge funds and other institutional investors have recently bought and sold shares of the business. EntryPoint Capital LLC acquired a new stake in Erasca during the 4th quarter valued at approximately $38,000. Stifel Financial Corp acquired a new stake in shares of Erasca in the fourth quarter worth $38,000. XTX Topco Ltd purchased a new position in shares of Erasca during the fourth quarter worth $40,000. Mariner LLC purchased a new position in shares of Erasca during the fourth quarter worth $40,000. Finally, Cibc World Markets Corp acquired a new position in Erasca during the fourth quarter valued at $43,000. Institutional investors and hedge funds 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.